AQR Capital Management LLC Acquires Shares of 12,230 IGM Biosciences, Inc. (NASDAQ:IGMS)

AQR Capital Management LLC acquired a new stake in IGM Biosciences, Inc. (NASDAQ:IGMS) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,230 shares of the company’s stock, valued at approximately $84,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its stake in shares of IGM Biosciences by 19.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock valued at $37,520,000 after purchasing an additional 628,001 shares in the last quarter. Baker BROS. Advisors LP raised its stake in shares of 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 purchasing an additional 397,311 shares in the last quarter. Redmile Group LLC raised its stake in IGM Biosciences by 3.4% during the first quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock worth $29,649,000 after acquiring an additional 100,936 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in IGM Biosciences during the first quarter worth about $758,000. Finally, Renaissance Technologies LLC raised its stake in IGM Biosciences by 126.0% during 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 during the period. 42.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Fred Schwarzer sold 3,946 shares of the firm’s stock in a transaction on 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Julie Hambleton sold 15,132 shares of the firm’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 transaction, the director now directly owns 2,000 shares in the company, valued at approximately $28,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Fred Schwarzer sold 3,946 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were 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. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,034 shares of company stock worth $279,957 in the last quarter. 57.00% of the stock is currently owned by corporate insiders.

IGM Biosciences Stock Performance

Shares of NASDAQ:IGMS opened at $16.72 on Friday. The stock has a market capitalization of $986.88 million, a price-to-earnings ratio of -3.88 and a beta of 0.21. IGM Biosciences, Inc. has a 1-year low of $3.81 and a 1-year high of $22.50. The company has a 50 day moving average price of $12.92 and a 200 day moving average price of $10.23.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.25 million during the quarter, compared to analyst estimates of $51.75 million. On average, sell-side analysts expect that IGM Biosciences, Inc. will post -3.17 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on IGMS. Truist Financial lowered shares of IGM Biosciences from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $24.00 to $12.00 in a research note on Tuesday, October 1st. Royal Bank of Canada raised their price target on shares of IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday. Wedbush dropped their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 1st. HC Wainwright dropped their price target on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Finally, JPMorgan Chase & Co. lowered shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $12.00 to $9.00 in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $15.00.

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.