IGM Biosciences, Inc. (NASDAQ:IGMS) Receives Consensus Recommendation of “Hold” from Brokerages

IGM Biosciences, Inc. (NASDAQ:IGMS) has been assigned a consensus recommendation of “Hold” from the eight analysts that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $16.13.

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $12.00 to $9.00 in a research report on Tuesday, October 1st. Guggenheim cut their target price on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. Wedbush cut their target price on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 1st. Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their target price for the stock from $24.00 to $12.00 in a research report on Tuesday, October 1st. Finally, HC Wainwright cut their target price on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th.

IGM Biosciences Stock Up 3.5 %

Shares of IGM Biosciences stock opened at $9.54 on Wednesday. IGM Biosciences has a twelve month low of $4.72 and a twelve month high of $22.50. The company has a 50-day simple moving average of $14.84 and a two-hundred day simple moving average of $11.13. The stock has a market capitalization of $567.25 million, a price-to-earnings ratio of -2.62 and a beta of 0.20.

IGM Biosciences (NASDAQ:IGMS) last released its earnings results on Friday, November 8th. The company reported ($1.01) EPS 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 firm had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.23 million. On average, sell-side analysts anticipate that IGM Biosciences will post -3.17 earnings per share for the current fiscal year.

Insider Transactions at IGM Biosciences

In other 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 value of $45,536.84. Following the completion of the transaction, the chief executive officer now owns 250,124 shares of the company’s stock, valued at $2,886,430.96. The trade was a 1.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders have sold 5,902 shares of company stock worth $68,109. Insiders own 57.00% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

Several large investors have recently bought and sold shares of IGMS. MetLife Investment Management LLC bought a new stake in shares of IGM Biosciences during the 3rd quarter valued at about $149,000. Quest Partners LLC lifted its position in shares of IGM Biosciences by 71.4% during the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after buying an additional 4,961 shares in the last quarter. AQR Capital Management LLC purchased a new stake in IGM Biosciences in the 2nd quarter worth approximately $84,000. EntryPoint Capital LLC purchased a new stake in IGM Biosciences in the 1st quarter worth approximately $152,000. Finally, XTX Topco Ltd increased its holdings in IGM Biosciences by 70.9% in the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after acquiring an additional 8,467 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.