IGM Biosciences, Inc. (NASDAQ:IGMS – Get Free Report)’s share price dropped 7.4% on Wednesday after Guggenheim lowered their price target on the stock from $25.00 to $20.00. Guggenheim currently has a buy rating on the stock. IGM Biosciences traded as low as $13.41 and last traded at $13.43. Approximately 61,664 shares traded hands during trading, a decline of 81% from the average daily volume of 321,265 shares. The stock had previously closed at $14.50.
IGMS has been the subject of several other research reports. Royal Bank of Canada decreased their target price on IGM Biosciences from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday. JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $12.00 to $9.00 in a report on Tuesday. Wedbush lowered their price objective on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a research note on Tuesday. Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and dropped their target price for the company from $24.00 to $12.00 in a research report on Tuesday. Finally, HC Wainwright reduced their price target on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, IGM Biosciences has an average rating of “Hold” and an average target price of $14.67.
View Our Latest Stock Report on IGM Biosciences
Insider Buying and Selling
Institutional Investors Weigh In On IGM Biosciences
Several large investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its position in IGM Biosciences by 19.3% during 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 purchasing an additional 628,001 shares during the period. Baker BROS. Advisors LP grew its stake 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 valued at $39,452,000 after buying an additional 397,311 shares in the last quarter. Redmile Group LLC grew its stake in IGM Biosciences by 3.4% in 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 in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in IGM Biosciences during the 1st quarter valued at $758,000. Finally, Pennant Investors LP purchased a new stake in shares of IGM Biosciences during the fourth quarter worth $539,000. Hedge funds and other institutional investors own 42.79% of the company’s stock.
IGM Biosciences Price Performance
The stock has a market capitalization of $801.55 million, a P/E ratio of -3.15 and a beta of 0.21. The stock has a fifty day moving average price of $11.65 and a 200 day moving average price of $9.75.
IGM Biosciences (NASDAQ:IGMS – Get Free Report) last issued its earnings results on Wednesday, August 14th. The company reported ($0.79) EPS 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 company had revenue of $1.25 million during the quarter, compared to the consensus estimate of $51.75 million. Research 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.
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