Panagora Asset Management Inc. Takes Position in IGM Biosciences, Inc. (NASDAQ:IGMS)

Panagora Asset Management Inc. purchased a new position in shares of IGM Biosciences, Inc. (NASDAQ:IGMS) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 30,273 shares of the company’s stock, valued at approximately $252,000.

A number of other large investors also recently bought and sold shares of the business. Nisa Investment Advisors LLC lifted 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 purchasing an additional 3,847 shares during the last quarter. Exchange Traded Concepts LLC lifted its holdings 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 buying an additional 4,830 shares in the last quarter. Hudson Bay Capital Management LP bought a new stake in IGM Biosciences during the 3rd quarter valued at about $1,038,000. GSA Capital Partners LLP boosted its position in IGM Biosciences by 24.7% in the 3rd quarter. GSA Capital Partners LLP now owns 133,276 shares of the company’s stock valued at $1,113,000 after buying an additional 26,358 shares during the period. Finally, Pale Fire Capital SE bought a new position in IGM Biosciences in the 3rd quarter worth about $105,000. Hedge funds and other institutional investors own 42.79% of the company’s stock.

IGM Biosciences Trading Down 4.9 %

Shares of NASDAQ:IGMS opened at $9.55 on Friday. The company has a market capitalization of $563.64 million, a PE ratio of -2.22 and a beta of 0.27. IGM Biosciences, Inc. has a 12-month low of $3.81 and a 12-month high of $17.70. The business’s fifty day simple moving average is $9.15 and its 200-day simple moving average is $9.51.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings data on Thursday, March 7th. The company reported ($1.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.05. The company had revenue of $0.65 million for the quarter, compared to the consensus estimate of $0.95 million. IGM Biosciences had a negative return on equity of 108.07% and a negative net margin of 11,255.25%. Research analysts predict that IGM Biosciences, Inc. will post -2.47 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on IGMS. HC Wainwright reiterated a “neutral” rating and issued a $12.00 price target on shares of IGM Biosciences in a report on Friday. Wedbush reissued an “outperform” rating and set a $20.00 price target on shares of IGM Biosciences in a research report on Thursday, May 9th. Finally, Royal Bank of Canada upgraded IGM Biosciences from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $9.00 to $21.00 in a research note on Friday, February 9th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, IGM Biosciences currently has an average rating of “Moderate Buy” and a consensus target price of $17.89.

Insider Activity at IGM Biosciences

In other IGM Biosciences news, Director Bros. Advisors Lp Baker bought 97,473 shares of IGM Biosciences stock in a transaction that occurred 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 of the company’s stock, valued at approximately $36,108,477.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other IGM Biosciences news, CEO Fred Schwarzer sold 4,765 shares of the firm’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total value of $47,078.20. Following the completion of the transaction, the chief executive officer now owns 220,833 shares of the company’s stock, valued at $2,181,830.04. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Bros. Advisors Lp Baker acquired 97,473 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were bought at an average cost of $9.62 per share, for a total transaction of $937,690.26. Following the completion of the acquisition, the director now directly owns 3,753,480 shares of the company’s stock, valued at $36,108,477.60. The disclosure for this purchase can be found here. Insiders sold 8,191 shares of company stock valued at $80,927 over the last 90 days. Insiders own 57.00% of the company’s stock.

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.