Royal Bank of Canada Lowers IGM Biosciences (NASDAQ:IGMS) Price Target to $17.00

IGM Biosciences (NASDAQ:IGMS) had its target price dropped by stock analysts at Royal Bank of Canada from $20.00 to $17.00 in a report issued on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target suggests a potential upside of 15.65% from the company’s current price.

A number of other brokerages have also weighed in on IGMS. Truist Financial lowered shares of IGM Biosciences from a “buy” rating to a “hold” rating and dropped their price objective for the company from $24.00 to $12.00 in a report on Tuesday. JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $12.00 to $9.00 in a research report on Tuesday. HC Wainwright cut their price objective on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Finally, Wedbush reduced their price objective on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $14.00.

IGM Biosciences Price Performance

NASDAQ IGMS traded down $1.84 on Tuesday, hitting $14.70. The stock had a trading volume of 886,507 shares, compared to its average volume of 319,129. IGM Biosciences has a 52-week low of $3.81 and a 52-week high of $22.50. The business’s fifty day moving average price is $11.59 and its 200 day moving average price is $9.72. The stock has a market cap of $867.65 million, a price-to-earnings ratio of -3.30 and a beta of 0.19.

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

Insider Activity

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

Hedge Funds Weigh In On IGM Biosciences

Institutional investors and hedge funds have recently modified their holdings of the business. Pennant Investors LP purchased a new position in IGM Biosciences during the fourth quarter worth approximately $539,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of IGM Biosciences during the 1st quarter worth approximately $268,000. EntryPoint Capital LLC purchased a new position in shares of IGM Biosciences during the 1st quarter valued at approximately $152,000. Price T Rowe Associates Inc. MD grew its stake in IGM Biosciences by 19.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock valued at $37,520,000 after acquiring an additional 628,001 shares during the period. Finally, Baker BROS. Advisors LP increased its holdings 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 acquiring an additional 397,311 shares in the last quarter. Hedge funds and other institutional investors own 42.79% of the company’s stock.

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.