IGM Biosciences (NASDAQ:IGMS) Receives “Neutral” Rating from HC Wainwright

IGM Biosciences (NASDAQ:IGMS)‘s stock had its “neutral” rating reissued by equities researchers at HC Wainwright in a report released on Thursday, Benzinga reports. They presently have a $12.00 price target on the stock. HC Wainwright’s price objective suggests a potential upside of 47.60% from the company’s current price.

Separately, Royal Bank of Canada upgraded IGM Biosciences from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $9.00 to $21.00 in a report on Friday, February 9th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $17.44.

IGM Biosciences Stock Down 11.6 %

Shares of NASDAQ IGMS opened at $8.13 on Thursday. The firm has a market capitalization of $477.96 million, a P/E ratio of -1.69 and a beta of 0.26. The stock’s 50-day simple moving average is $11.44 and its two-hundred day simple moving average is $8.73. IGM Biosciences has a twelve month low of $3.81 and a twelve month high of $17.70.

IGM Biosciences (NASDAQ:IGMS) last announced its earnings results on Thursday, March 7th. The company reported ($1.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.05. The business had revenue of $0.65 million for the quarter, compared to analyst estimates of $0.95 million. IGM Biosciences had a negative return on equity of 103.20% and a negative net margin of 11,568.83%. As a group, research analysts anticipate that IGM Biosciences will post -3.23 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Misbah Tahir sold 2,897 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total value of $28,622.36. Following the transaction, the chief financial officer now directly owns 92,961 shares of the company’s stock, valued at approximately $918,454.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Fred Schwarzer sold 4,765 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total transaction of $47,078.20. Following the transaction, the chief executive officer now directly owns 220,833 shares in the company, valued at $2,181,830.04. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Misbah Tahir sold 2,897 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $9.88, for a total transaction of $28,622.36. Following the sale, the chief financial officer now directly owns 92,961 shares in the company, valued at approximately $918,454.68. The disclosure for this sale can be found here. Insiders have sold 8,191 shares of company stock valued at $80,927 over the last ninety days. 56.91% of the stock is owned by insiders.

Institutional Trading of IGM Biosciences

A number of institutional investors have recently added to or reduced their stakes in IGMS. Lazard Asset Management LLC purchased a new stake in IGM Biosciences during the second quarter worth about $26,000. Cubist Systematic Strategies LLC purchased a new position in IGM Biosciences during the first quarter worth approximately $30,000. Nisa Investment Advisors LLC boosted its holdings in shares of IGM Biosciences by 7,258.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,900 shares of the company’s stock valued at $32,000 after purchasing an additional 3,847 shares during the last quarter. Citigroup Inc. boosted its holdings in shares of IGM Biosciences by 370.7% in the 2nd quarter. Citigroup Inc. now owns 4,382 shares of the company’s stock valued at $40,000 after purchasing an additional 3,451 shares during the last quarter. Finally, Ensign Peak Advisors Inc boosted its holdings in shares of IGM Biosciences by 27.7% in the 3rd quarter. Ensign Peak Advisors Inc now owns 1,890 shares of the company’s stock valued at $43,000 after purchasing an additional 410 shares during the last quarter. Hedge funds and other institutional investors own 42.79% of the company’s stock.

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.