IGM Biosciences (NASDAQ:IGMS) Shares Gap Up - Still a Buy?

IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $9.46, but opened at $10.00. IGM Biosciences shares last traded at $9.85, with a volume of 15,452 shares traded.

Wall Street Analysts Forecast Growth

IGMS has been the subject of a number of research analyst reports. HC Wainwright dropped their price target on shares of IGM Biosciences from $12.00 to $11.00 and set a "neutral" rating for the company in a research note on Thursday, September 5th. Wedbush reduced their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an "outperform" rating for the company in a report on Tuesday, October 1st. JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a "neutral" rating to an "underweight" rating and reduced their price objective for the stock from $12.00 to $9.00 in a report on Tuesday, October 1st. Guggenheim reduced their price objective on shares of IGM Biosciences from $25.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, October 1st. Finally, Stifel Nicolaus upped their price target on shares of IGM Biosciences from $25.00 to $27.00 and gave the company a "buy" rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $16.67.

IGM Biosciences Stock Up 9.0 %

The company has a market capitalization of $613.03 million, a P/E ratio of -2.83 and a beta of 0.08. The firm has a 50-day moving average price of $13.38 and a two-hundred day moving average price of $11.16.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last released its quarterly earnings data on Friday, November 8th. The company reported ($1.01) earnings per share 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 business had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.23 million. On average, analysts predict that IGM Biosciences, Inc. will post -3.33 EPS for the current fiscal year.

Insider Activity at IGM Biosciences

In related news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $11.54, for a total value of $45,536.84. Following the sale, the chief executive officer now owns 250,124 shares of the company's stock, valued at approximately $2,886,430.96. This trade represents a 1.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders have sold 5,902 shares of company stock valued at $68,109. 57.00% of the stock is owned by insiders.

Institutional Investors Weigh In On IGM Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its position in shares of IGM Biosciences by 8.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company's stock worth $371,000 after purchasing an additional 4,427 shares during the last quarter. Rhumbline Advisers increased its position in shares of IGM Biosciences by 13.1% during the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company's stock worth $156,000 after purchasing an additional 2,635 shares during the last quarter. TD Asset Management Inc increased its position in shares of IGM Biosciences by 3.4% during the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company's stock worth $1,130,000 after purchasing an additional 5,350 shares during the last quarter. Quest Partners LLC increased 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 worth $82,000 after purchasing an additional 4,961 shares during the last quarter. Finally, Bruce & Co. Inc. increased its position in shares of IGM Biosciences by 53.8% during the 2nd quarter. Bruce & Co. Inc. now owns 100,000 shares of the company's stock worth $687,000 after purchasing an additional 35,000 shares during the last quarter. Institutional investors and hedge funds 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.