Renaissance Technologies LLC Has $747,000 Stock Position in IGM Biosciences, Inc. (NASDAQ:IGMS)

Renaissance Technologies LLC grew its stake in IGM Biosciences, Inc. (NASDAQ:IGMS) by 126.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 108,693 shares of the company’s stock after buying an additional 60,593 shares during the quarter. Renaissance Technologies LLC owned 0.18% of IGM Biosciences worth $747,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. Quest Partners LLC boosted its stake in IGM Biosciences by 71.4% in the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after purchasing an additional 4,961 shares during the period. EntryPoint Capital LLC acquired a new position in shares of IGM Biosciences during the first quarter worth about $152,000. Rhumbline Advisers grew its holdings in shares of IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after buying an additional 2,635 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of IGM Biosciences during the first quarter worth about $268,000. Finally, Bank of New York Mellon Corp raised its position in IGM Biosciences by 8.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock valued at $371,000 after buying an additional 4,427 shares during the last quarter. Institutional investors own 42.79% of the company’s stock.

IGM Biosciences Stock Up 6.0 %

NASDAQ:IGMS opened at $14.55 on Wednesday. IGM Biosciences, Inc. has a 12-month low of $3.81 and a 12-month high of $22.50. The firm has a market capitalization of $858.80 million, a price-to-earnings ratio of -3.40 and a beta of 0.21. The stock’s 50 day moving average price is $11.88 and its two-hundred day moving average price is $9.88.

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

Insider Buying and Selling

In other IGM Biosciences news, 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 value of $211,848.00. Following the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at $28,000. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $11.54, for a total value of $45,536.84. Following the completion of the sale, the chief executive officer now directly owns 250,124 shares in the company, valued at $2,886,430.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Julie Hambleton sold 15,132 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total value of $211,848.00. Following the completion of the transaction, the director now directly owns 2,000 shares in the company, valued at approximately $28,000. This represents 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 sold 21,034 shares of company stock valued at $279,957. Company insiders own 57.00% of the company’s stock.

Analyst Ratings Changes

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

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.