IGM Biosciences (NASDAQ:IGMS) Shares Gap Down on Analyst Downgrade

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock price gapped down before the market opened on Tuesday after Royal Bank of Canada lowered their price target on the stock from $20.00 to $17.00. The stock had previously closed at $16.54, but opened at $11.43. Royal Bank of Canada currently has an outperform rating on the stock. IGM Biosciences shares last traded at $14.34, with a volume of 291,886 shares changing hands.

Other research analysts have also issued research reports about the company. Wedbush decreased their target price on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. downgraded IGM Biosciences from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $12.00 to $9.00 in a report on Tuesday. HC Wainwright lowered their price objective on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Finally, Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and reduced their target price for the stock from $24.00 to $12.00 in a research report on Tuesday. One analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $14.00.

Insider Activity

In related news, Director Julie Hambleton sold 15,132 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $14.00, for a total value of $211,848.00. Following the transaction, the director now owns 2,000 shares in the company, valued at approximately $28,000. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Fred Schwarzer sold 3,946 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $11.54, for a total transaction of $45,536.84. Following the transaction, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at $2,886,430.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Julie Hambleton sold 15,132 shares of IGM Biosciences stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $14.00, for a total value of $211,848.00. Following the completion of the sale, the director now owns 2,000 shares of the company’s stock, valued at $28,000. The disclosure for this sale can be found here. Insiders sold 21,034 shares of company stock worth $279,957 over the last three months. 57.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IGM Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD grew its stake in shares of IGM Biosciences by 19.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock worth $37,520,000 after acquiring an additional 628,001 shares during the period. Baker BROS. Advisors LP grew its position in IGM Biosciences by 10.8% in the 1st quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock worth $39,452,000 after purchasing an additional 397,311 shares during the period. Redmile Group LLC raised its stake in IGM Biosciences by 3.4% during the 1st quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock valued at $29,649,000 after buying an additional 100,936 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of IGM Biosciences during the 1st quarter valued at $758,000. Finally, Pennant Investors LP purchased a new position in shares of IGM Biosciences in the 4th quarter worth $539,000. Institutional investors own 42.79% of the company’s stock.

IGM Biosciences Trading Down 14.3 %

The stock has a market cap of $836.96 million, a P/E ratio of -3.44 and a beta of 0.19. The company’s 50 day moving average price is $11.59 and its two-hundred day moving average price is $9.72.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.97). IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. The business had revenue of $1.25 million during the quarter, compared to the consensus estimate of $51.75 million. On average, sell-side analysts anticipate that IGM Biosciences, Inc. will post -3.13 earnings per share for the current year.

About IGM Biosciences

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.