IGM Biosciences (NASDAQ:IGMS) PT Raised to $20.00 at Royal Bank of Canada

IGM Biosciences (NASDAQ:IGMS) had its price objective raised by Royal Bank of Canada from $17.00 to $20.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 19.62% from the stock’s current price.

A number of other research analysts also recently issued reports on the company. 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 report on Thursday, September 5th. Truist Financial cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and decreased their price target for the stock from $24.00 to $12.00 in a research note on Tuesday, October 1st. Wedbush cut their price objective 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. JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $12.00 to $9.00 in a research report on Tuesday, October 1st. Finally, Guggenheim cut 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 report on Tuesday, October 1st. 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 company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $15.00.

IGM Biosciences Stock Performance

Shares of IGMS opened at $16.72 on Friday. The firm has a market cap of $986.88 million, a P/E ratio of -3.88 and a beta of 0.21. IGM Biosciences has a twelve month low of $3.81 and a twelve month high of $22.50. The firm’s 50 day moving average price is $12.92 and its two-hundred day moving average price is $10.24.

IGM Biosciences (NASDAQ:IGMS) last posted 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 the consensus estimate of $51.75 million. IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. On average, sell-side analysts anticipate that IGM Biosciences will post -3.17 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Fred Schwarzer sold 3,946 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the sale, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Julie Hambleton sold 15,132 shares of the business’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 transaction of $211,848.00. Following the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $28,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Fred Schwarzer sold 3,946 shares of the 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 sale, the chief executive officer now owns 250,124 shares in the company, valued at approximately $2,886,430.96. This trade represents a 0.00 % decrease in their position. 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. Company insiders own 57.00% of the company’s stock.

Hedge Funds Weigh In On IGM Biosciences

Several large investors have recently modified their holdings of the stock. Quest Partners LLC boosted its holdings in shares of IGM Biosciences by 71.4% during the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after buying an additional 4,961 shares during the period. AQR Capital Management LLC acquired a new position in shares of IGM Biosciences in the second quarter valued at approximately $84,000. XTX Topco Ltd increased its stake in shares of IGM Biosciences by 70.9% during the second 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 period. EntryPoint Capital LLC acquired a new stake in IGM Biosciences during the 1st quarter worth approximately $152,000. Finally, Rhumbline Advisers boosted its stake in IGM Biosciences by 13.1% in the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after purchasing an additional 2,635 shares during the period. 42.79% of the stock is owned by institutional investors.

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.