IGM Biosciences, Inc. (NASDAQ:IGMS – Get Free Report) was down 6% on Wednesday . The stock traded as low as $15.06 and last traded at $15.11. Approximately 40,803 shares were traded during trading, a decline of 87% from the average daily volume of 310,863 shares. The stock had previously closed at $16.08.
Analyst Ratings Changes
A number of analysts have weighed in on IGMS shares. HC Wainwright lowered IGM Biosciences from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $11.00 to $7.00 in a report on Thursday, December 7th. Wedbush restated an “outperform” rating and set a $16.00 target price (down previously from $19.00) on shares of IGM Biosciences in a report on Tuesday, November 14th. Bank of America lowered IGM Biosciences from a “buy” rating to a “neutral” rating and set a $8.00 target price for the company. in a report on Friday, December 15th. Morgan Stanley lowered their target price on IGM Biosciences from $15.00 to $8.00 and set an “equal weight” rating for the company in a report on Wednesday, November 15th. Finally, Royal Bank of Canada upgraded IGM Biosciences from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $9.00 to $21.00 in a report on Friday, February 9th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $17.80.
Check Out Our Latest Analysis on IGMS
IGM Biosciences Trading Down 5.1 %
Insider Activity at IGM Biosciences
In other news, Director Bros. Advisors Lp Baker bought 288,007 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were purchased at an average cost of $6.55 per share, with a total value of $1,886,445.85. Following the transaction, the director now directly owns 3,390,323 shares in the company, valued at $22,206,615.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Bruce Keyt sold 7,574 shares of the stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $5.78, for a total transaction of $43,777.72. Following the sale, the insider now directly owns 129,551 shares of the company’s stock, valued at approximately $748,804.78. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Bros. Advisors Lp Baker bought 288,007 shares of the stock in a transaction dated Friday, December 15th. The shares were purchased at an average cost of $6.55 per share, for a total transaction of $1,886,445.85. Following the completion of the purchase, the director now owns 3,390,323 shares in the company, valued at $22,206,615.65. The disclosure for this purchase can be found here. Insiders have sold a total of 28,600 shares of company stock valued at $164,181 in the last ninety days. Company insiders own 56.91% of the company’s stock.
Institutional Investors Weigh In On IGM Biosciences
Hedge funds have recently modified their holdings of the company. TD Asset Management Inc lifted its stake in IGM Biosciences by 120.9% in the 2nd quarter. TD Asset Management Inc now owns 41,726 shares of the company’s stock valued at $385,000 after buying an additional 22,833 shares in the last quarter. Rhenman & Partners Asset Management AB increased its holdings in IGM Biosciences by 275.0% in the 3rd quarter. Rhenman & Partners Asset Management AB now owns 750,000 shares of the company’s stock valued at $6,262,000 after purchasing an additional 550,000 shares during the last quarter. Maven Securities LTD acquired a new stake in IGM Biosciences in the 2nd quarter valued at approximately $229,000. RA Capital Management L.P. acquired a new stake in IGM Biosciences in the 2nd quarter valued at approximately $8,653,000. Finally, Artal Group S.A. boosted its position in IGM Biosciences by 0.5% in the 2nd quarter. Artal Group S.A. now owns 2,522,244 shares of the company’s stock valued at $23,280,000 after buying an additional 12,272 shares during the period. 56.21% of the stock is owned by hedge funds and other institutional investors.
About IGM Biosciences
IGM Biosciences, Inc, a clinical-stage biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of cancer, infectious diseases, and autoimmune and inflammatory diseases. The company's product candidate, including imvotamab (IGM-2323), an IgM-based CD20 x CD3 bispecific antibody T cell engager that is in Phase 2 clinical trials for the treatment of B cell non-Hodgkin's lymphoma (NHL).
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