IGM Biosciences (NASDAQ:IGMS) Shares Down 3.7% – Time to Sell?

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) fell 3.7% on Wednesday . The stock traded as low as $13.98 and last traded at $14.01. 21,405 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 320,074 shares. The stock had previously closed at $14.55.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Truist Financial lowered 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, October 1st. HC Wainwright cut their target price on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Royal Bank of Canada lowered their price target on IGM Biosciences from $20.00 to $17.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 1st. Wedbush cut their price objective on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $12.00 to $9.00 in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, IGM Biosciences presently has an average rating of “Hold” and an average target price of $14.67.

IGM Biosciences Price Performance

The firm’s 50 day moving average is $11.95 and its 200 day moving average is $9.91. The company has a market capitalization of $802.14 million, a PE ratio of -3.15 and a beta of 0.21.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) earnings per share (EPS) 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%. As a group, analysts predict that IGM Biosciences, Inc. will post -3.13 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Julie Hambleton sold 15,132 shares of IGM Biosciences 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 sale, the director now owns 2,000 shares in the company, valued at $28,000. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 transaction, the director now owns 2,000 shares in the company, valued at $28,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Fred Schwarzer sold 3,946 shares of the company’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 approximately $2,886,430.96. 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 sold 21,034 shares of company stock worth $279,957. 57.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Point72 Asset Management L.P. purchased a new stake in IGM Biosciences in the second quarter worth about $187,000. AQR Capital Management LLC purchased a new stake in shares of IGM Biosciences in the 2nd quarter worth approximately $84,000. Marshall Wace LLP increased its position in IGM Biosciences by 51.6% during the 2nd 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 raised its stake in IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after buying an additional 8,467 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings 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 currently 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.