Exchange Traded Concepts LLC Trims Holdings in IGM Biosciences, Inc. (NASDAQ:IGMS)

Exchange Traded Concepts LLC reduced its holdings in shares of IGM Biosciences, Inc. (NASDAQ:IGMS) by 50.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 10,572 shares of the company’s stock after selling 10,735 shares during the period. Exchange Traded Concepts LLC’s holdings in IGM Biosciences were worth $175,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of IGMS. Point72 Asset Management L.P. acquired a new stake in shares of IGM Biosciences during the second quarter worth about $187,000. AQR Capital Management LLC purchased a new stake in IGM Biosciences during the 2nd quarter valued at approximately $84,000. Marshall Wace LLP lifted 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 worth $737,000 after acquiring an additional 36,491 shares during the period. XTX Topco Ltd grew its stake in shares of IGM Biosciences by 70.9% in the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after purchasing an additional 8,467 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of IGM Biosciences by 126.0% in the 2nd quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after purchasing an additional 60,593 shares during the last quarter. 42.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

IGMS has been the subject of several analyst reports. HC Wainwright cut their price target on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. 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 research note on Tuesday, October 1st. JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $12.00 to $9.00 in a report on Tuesday, October 1st. Royal Bank of Canada increased their price target on shares of IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Guggenheim lowered their price objective on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $15.00.

IGM Biosciences Trading Down 6.3 %

IGMS stock opened at $15.67 on Tuesday. The company’s 50-day moving average price is $13.05 and its 200 day moving average price is $10.29. IGM Biosciences, Inc. has a 52 week low of $3.81 and a 52 week high of $22.50. The company has a market cap of $924.91 million, a P/E ratio of -3.64 and a beta of 0.21.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly 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). The firm had revenue of $1.25 million for the quarter, compared to analysts’ expectations of $51.75 million. IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. On average, equities research analysts expect that IGM Biosciences, Inc. will post -3.17 earnings per share for the current year.

Insider Activity at IGM Biosciences

In related news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction dated 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 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other IGM Biosciences news, Director Julie Hambleton sold 15,132 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $14.00, for a total value of $211,848.00. Following the sale, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $28,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 sale, the chief executive officer now directly owns 250,124 shares in the company, valued at $2,886,430.96. This represents 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 have sold 21,034 shares of company stock valued at $279,957. 57.00% of the stock is owned by corporate insiders.

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.