Short Interest in IGM Biosciences, Inc. (NASDAQ:IGMS) Decreases By 19.3%

IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report) was the recipient of a large drop in short interest in the month of March. As of March 15th, there was short interest totalling 928,300 shares, a drop of 19.3% from the February 28th total of 1,150,000 shares. Based on an average daily volume of 448,700 shares, the short-interest ratio is currently 2.1 days. Approximately 5.7% of the shares of the stock are sold short.

IGM Biosciences Trading Down 2.6 %

Shares of IGMS stock traded down $0.03 during trading hours on Friday, reaching $1.13. 149,063 shares of the stock were exchanged, compared to its average volume of 339,189. IGM Biosciences has a 12-month low of $1.11 and a 12-month high of $22.50. The firm has a market capitalization of $67.55 million, a price-to-earnings ratio of -0.31 and a beta of 0.58. The company's 50-day moving average price is $1.35 and its 200-day moving average price is $7.47.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last announced its earnings results on Thursday, March 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.74) by $0.13. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The business had revenue of $0.41 million during the quarter, compared to analyst estimates of $0.39 million. On average, sell-side analysts expect that IGM Biosciences will post -3.35 EPS for the current year.

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Institutional Trading of IGM Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the business. Two Sigma Investments LP grew its holdings in shares of IGM Biosciences by 196.7% in the fourth quarter. Two Sigma Investments LP now owns 107,620 shares of the company's stock worth $658,000 after purchasing an additional 71,343 shares during the last quarter. Sanofi purchased a new stake in IGM Biosciences in the 4th quarter valued at about $8,792,000. Cubist Systematic Strategies LLC bought a new position in IGM Biosciences in the 4th quarter worth about $184,000. Susquehanna Fundamental Investments LLC bought a new position in IGM Biosciences in the 4th quarter worth about $222,000. Finally, Renaissance Technologies LLC increased its position in shares of IGM Biosciences by 14.0% during the fourth quarter. Renaissance Technologies LLC now owns 75,800 shares of the company's stock worth $463,000 after acquiring an additional 9,300 shares during the period. Hedge funds and other institutional investors own 42.79% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on IGMS. Stifel Nicolaus downgraded IGM Biosciences from a "buy" rating to a "hold" rating and lowered their price objective for the company from $27.00 to $2.50 in a research report on Friday, January 10th. Wedbush restated a "neutral" rating and set a $3.00 price target (down previously from $22.00) on shares of IGM Biosciences in a report on Friday, January 10th. JPMorgan Chase & Co. raised IGM Biosciences from an "underweight" rating to a "neutral" rating in a report on Monday, January 13th. Truist Financial cut their target price on shares of IGM Biosciences from $12.00 to $2.00 and set a "hold" rating for the company in a report on Friday, January 10th. Finally, Guggenheim cut shares of IGM Biosciences from a "buy" rating to a "neutral" rating in a research report on Friday, January 10th. One analyst has rated the stock with a sell rating and nine have given a hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $5.50.

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.