IGM Biosciences (NASDAQ:IGMS) Shares Down 7.4% After Analyst Downgrade

IGM Biosciences, Inc. (NASDAQ:IGMS)’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.

Insider Buying and Selling

In related news, CEO Fred Schwarzer sold 3,946 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $11.54, for a total transaction of $45,536.84. Following the transaction, the chief executive officer now directly owns 250,124 shares in the company, valued at $2,886,430.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Julie Hambleton sold 15,132 shares of IGM Biosciences stock in a transaction that occurred 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 sale, the director now owns 2,000 shares of the company’s stock, valued at approximately $28,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Fred Schwarzer sold 3,946 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 250,124 shares in the company, valued at approximately $2,886,430.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,034 shares of company stock worth $279,957. 57.00% of the stock is owned by corporate insiders.

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) 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.