Quest Partners LLC Decreases Stock Position in IGM Biosciences, Inc. (NASDAQ:IGMS)

Quest Partners LLC cut its holdings in shares of IGM Biosciences, Inc. (NASDAQ:IGMS) by 86.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,645 shares of the company’s stock after selling 10,268 shares during the quarter. Quest Partners LLC’s holdings in IGM Biosciences were worth $27,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. acquired a new stake in shares of IGM Biosciences during the second quarter worth $187,000. AQR Capital Management LLC acquired a new position in shares of IGM Biosciences during the 2nd quarter valued at $84,000. Marshall Wace LLP boosted its stake 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 in the last quarter. XTX Topco Ltd grew its holdings in 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 acquiring an additional 8,467 shares during the period. Finally, Renaissance Technologies LLC raised its position in IGM Biosciences by 126.0% in the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock worth $747,000 after acquiring an additional 60,593 shares in the last quarter. 42.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at IGM Biosciences

In related news, CEO Fred Schwarzer sold 3,946 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $11.54, for a total transaction 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 1.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 5,902 shares of company stock valued at $68,109. 57.00% of the stock is owned by corporate insiders.

IGM Biosciences Price Performance

IGMS stock opened at $10.04 on Monday. IGM Biosciences, Inc. has a 52-week low of $5.58 and a 52-week high of $22.50. The stock has a market capitalization of $597.02 million, a price-to-earnings ratio of -2.76 and a beta of 0.20. The company has a 50-day moving average of $14.00 and a two-hundred day moving average of $11.13.

IGM Biosciences (NASDAQ:IGMS) last released its earnings results on Friday, November 8th. The company reported ($1.01) earnings per share for the quarter, missing the consensus estimate of ($0.82) by ($0.19). IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. The company had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.23 million. Equities analysts expect that IGM Biosciences, Inc. will post -3.33 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on IGMS shares. Wedbush reduced their target price on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. Guggenheim reduced their price target on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research 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 company from $24.00 to $12.00 in a research note on Tuesday, October 1st. HC Wainwright dropped their target price on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Finally, Royal Bank of Canada boosted their target price on shares of IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, IGM Biosciences currently has an average rating of “Hold” and a consensus target price of $16.13.

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.