IGM Biosciences, Inc. (NASDAQ:IGMS) Sees Significant Increase in Short Interest

IGM Biosciences, Inc. (NASDAQ:IGMS) was the target of a large growth in short interest in March. As of March 15th, there was short interest totalling 4,760,000 shares, a growth of 5.5% from the February 29th total of 4,510,000 shares. Based on an average daily volume of 291,100 shares, the days-to-cover ratio is presently 16.4 days. Currently, 22.9% of the shares of the stock are sold short.

Insiders Place Their Bets

In related news, Director Bros. Advisors Lp Baker purchased 97,473 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were purchased at an average price of $9.62 per share, with a total value of $937,690.26. Following the acquisition, the director now directly owns 3,753,480 shares of the company’s stock, valued at $36,108,477.60. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Bros. Advisors Lp Baker purchased 97,473 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were purchased at an average price of $9.62 per share, with a total value of $937,690.26. Following the acquisition, the director now directly owns 3,753,480 shares of the company’s stock, valued at $36,108,477.60. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Fred Schwarzer sold 4,765 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total transaction of $47,078.20. Following the transaction, the chief executive officer now directly owns 220,833 shares in the company, valued at approximately $2,181,830.04. The disclosure for this sale can be found here. Insiders have sold 8,191 shares of company stock worth $80,927 in the last three months. 56.91% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. RA Capital Management L.P. purchased a new stake in shares of IGM Biosciences during the second quarter valued at about $8,653,000. Goldman Sachs Group Inc. raised its position in shares of IGM Biosciences by 127.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,040,509 shares of the company’s stock valued at $8,647,000 after purchasing an additional 583,516 shares during the last quarter. Rhenman & Partners Asset Management AB raised its position in shares of 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. Great Point Partners LLC purchased a new position in shares of IGM Biosciences in the 2nd quarter valued at approximately $4,615,000. Finally, Vanguard Group Inc. raised its position in shares of IGM Biosciences by 100.0% in the 1st quarter. Vanguard Group Inc. now owns 830,077 shares of the company’s stock valued at $22,188,000 after purchasing an additional 415,028 shares during the last quarter. 42.79% of the stock is currently owned by institutional investors.

IGM Biosciences Stock Down 3.3 %

IGMS stock opened at $9.14 on Wednesday. IGM Biosciences has a twelve month low of $3.81 and a twelve month high of $17.70. The stock has a market capitalization of $537.34 million, a price-to-earnings ratio of -1.90 and a beta of 0.26. The firm’s fifty day simple moving average is $12.00 and its two-hundred day simple moving average is $8.63.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings results on Thursday, March 7th. The company reported ($1.01) EPS for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.05. The firm had revenue of $0.65 million for the quarter, compared to analysts’ expectations of $0.95 million. IGM Biosciences had a negative net margin of 11,568.83% and a negative return on equity of 103.20%. As a group, equities research analysts expect that IGM Biosciences will post -3.23 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on IGMS. HC Wainwright cut shares of IGM Biosciences from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $11.00 to $7.00 in a research report on Thursday, December 7th. Bank of America cut shares of IGM Biosciences from a “buy” rating to a “neutral” rating and set a $8.00 target price for the company. in a research report on Friday, December 15th. Finally, Royal Bank of Canada raised shares of IGM Biosciences from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $9.00 to $21.00 in a research report on Friday, February 9th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, IGM Biosciences has a consensus rating of “Hold” and an average price target of $17.80.

IGM Biosciences Company Profile

IGM Biosciences, Inc, a clinical-stage biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of cancer and autoimmune and inflammatory diseases. It develops Aplitabart, a Death Receptor 5 Agonist IgM antibody for the treatment of colorectal cancer; imvotamab, a CD20 x CD3 bispecific IgM antibody to treat myositis, as well as for the treatment of systemic lupus erythematosus and rheumatoid arthritis that is Phase Ib clinical trial; and IGM-2644, a bispecific T cell engaging IgM antibody targeting CD38 and CD3 proteins for the treatment of autoimmune diseases.