Point72 Asset Management L.P. Invests $187,000 in IGM Biosciences, Inc. (NASDAQ:IGMS)

Point72 Asset Management L.P. purchased a new position in IGM Biosciences, Inc. (NASDAQ:IGMS) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 27,246 shares of the company’s stock, valued at approximately $187,000.

Several other institutional investors also recently bought and sold shares of the stock. AQR Capital Management LLC purchased a new stake in shares of IGM Biosciences during the 2nd quarter worth approximately $84,000. Marshall Wace LLP increased its holdings in IGM Biosciences by 51.6% during the second quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock valued at $737,000 after buying an additional 36,491 shares during the period. XTX Topco Ltd lifted its stake in shares of IGM Biosciences by 70.9% during the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after purchasing an additional 8,467 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of IGM Biosciences by 126.0% during the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after buying an additional 60,593 shares during the last quarter. Finally, Bruce & Co. Inc. boosted its position in shares of IGM Biosciences by 53.8% in the 2nd quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock worth $687,000 after purchasing an additional 35,000 shares in the last quarter. 42.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Julie Hambleton sold 15,132 shares of the firm’s stock in a transaction that occurred on 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 directly owns 2,000 shares of the company’s stock, valued at $28,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Fred Schwarzer sold 3,946 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was 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 owns 250,124 shares in the company, valued at $2,886,430.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Julie Hambleton sold 15,132 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $14.00, for a total transaction of $211,848.00. Following the completion of the sale, the director now directly owns 2,000 shares in the company, valued at approximately $28,000. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,034 shares of company stock worth $279,957. Company insiders own 57.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on IGMS. Royal Bank of Canada decreased their price target on shares of IGM Biosciences from $20.00 to $17.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. Truist Financial cut IGM Biosciences from a “buy” rating to a “hold” rating and lowered their target price for the stock from $24.00 to $12.00 in a report on Tuesday, October 1st. Wedbush decreased their target price on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 1st. Guggenheim cut their target price on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Finally, HC Wainwright decreased their price objective on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $14.67.

IGM Biosciences Stock Up 3.4 %

IGMS opened at $15.41 on Friday. The business’s 50 day moving average is $11.83 and its two-hundred day moving average is $9.85. IGM Biosciences, Inc. has a 52 week low of $3.81 and a 52 week high of $22.50. The firm has a market cap of $909.56 million, a price-to-earnings ratio of -3.58 and a beta of 0.21.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.97). The firm 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%. Equities analysts expect that IGM Biosciences, Inc. will post -3.13 EPS for the current fiscal year.

IGM Biosciences 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.