Wedbush Reiterates “Outperform” Rating for IGM Biosciences (NASDAQ:IGMS)

IGM Biosciences (NASDAQ:IGMS)‘s stock had its “outperform” rating reissued by investment analysts at Wedbush in a research note issued to investors on Thursday, Benzinga reports. They currently have a $20.00 target price on the stock. Wedbush’s price objective points to a potential upside of 114.13% from the company’s previous close.

Several other analysts have also commented on the stock. HC Wainwright reiterated a “neutral” rating and issued a $12.00 price target on shares of IGM Biosciences in a research report on Thursday, April 18th. Royal Bank of Canada raised IGM Biosciences from a “sector perform” rating to an “outperform” rating and boosted their price target 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 given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $17.89.

IGM Biosciences Price Performance

IGMS opened at $9.34 on Thursday. IGM Biosciences has a 1-year low of $3.81 and a 1-year high of $17.70. The stock has a market cap of $549.10 million, a P/E ratio of -1.94 and a beta of 0.27. The stock’s 50 day simple moving average is $9.71 and its 200 day simple moving average is $9.09.

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

Insider Buying and Selling

In other news, Director Bros. Advisors Lp Baker acquired 97,473 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were purchased at an average price of $9.62 per share, for a total transaction of $937,690.26. Following the acquisition, the director now directly owns 3,753,480 shares of the company’s stock, valued at approximately $36,108,477.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other IGM Biosciences news, Director Bros. Advisors Lp Baker bought 97,473 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were bought at an average cost of $9.62 per share, with a total value of $937,690.26. Following the transaction, the director now directly owns 3,753,480 shares in the company, valued at approximately $36,108,477.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Fred Schwarzer sold 4,765 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $9.88, for a total transaction of $47,078.20. Following the sale, the chief executive officer now directly owns 220,833 shares of the company’s stock, valued at approximately $2,181,830.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,191 shares of company stock valued at $80,927. Corporate insiders own 56.91% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in IGMS. Hudson Bay Capital Management LP acquired a new position in IGM Biosciences during the 3rd quarter valued at approximately $1,038,000. Nisa Investment Advisors LLC grew its position in shares of IGM Biosciences by 7,258.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,900 shares of the company’s stock worth $32,000 after acquiring an additional 3,847 shares during the last quarter. GSA Capital Partners LLP increased its holdings in shares of IGM Biosciences by 24.7% in the 3rd quarter. GSA Capital Partners LLP now owns 133,276 shares of the company’s stock worth $1,113,000 after acquiring an additional 26,358 shares during the period. Rhenman & Partners Asset Management AB lifted its position in IGM Biosciences by 275.0% in the 3rd quarter. Rhenman & Partners Asset Management AB now owns 750,000 shares of the company’s stock valued at $6,262,000 after purchasing an additional 550,000 shares during the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in IGM Biosciences by 34.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 19,048 shares of the company’s stock valued at $158,000 after purchasing an additional 4,830 shares during the period. 42.79% of the stock is owned by institutional investors and hedge funds.

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.