IGM Biosciences (NASDAQ:IGMS) Shares Up 5.9% - Should You Buy?

IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report) rose 5.9% during mid-day trading on Monday . The stock traded as high as $1.26 and last traded at $1.26. Approximately 172,814 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 341,337 shares. The stock had previously closed at $1.19.

Wall Street Analyst Weigh In

Several analysts have recently commented on IGMS shares. Wedbush reiterated a "neutral" rating and issued a $3.00 target price (down previously from $22.00) on shares of IGM Biosciences in a report on Friday, January 10th. Royal Bank of Canada cut shares of IGM Biosciences from an "outperform" rating to a "sector perform" rating and dropped their target price for the stock from $20.00 to $1.50 in a research report on Friday, January 10th. BMO Capital Markets restated a "market perform" rating and issued a $2.00 target price (down previously from $21.00) on shares of IGM Biosciences in a research note on Friday, January 10th. Guggenheim downgraded IGM Biosciences from a "buy" rating to a "neutral" rating in a research report on Friday, January 10th. Finally, Jefferies Financial Group reissued a "hold" rating and issued a $2.00 price objective (down previously from $48.00) on shares of IGM Biosciences in a research report on Friday, January 10th. One analyst has rated the stock with a sell rating and nine have issued a hold rating to the company's stock. Based on data from MarketBeat, IGM Biosciences currently has an average rating of "Hold" and a consensus target price of $5.50.

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IGM Biosciences Price Performance

The company has a 50 day simple moving average of $1.45 and a 200-day simple moving average of $8.08. The stock has a market capitalization of $75.32 million, a P/E ratio of -0.35 and a beta of 0.37.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last released its quarterly earnings data on Thursday, March 6th. The company reported ($0.61) EPS for the quarter, beating the consensus estimate of ($0.74) by $0.13. The business had revenue of $0.41 million for the quarter, compared to the consensus estimate of $0.39 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. As a group, equities analysts forecast that IGM Biosciences, Inc. will post -3.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. lifted its holdings in IGM Biosciences by 12.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 148,402 shares of the company's stock worth $2,455,000 after purchasing an additional 16,072 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of IGM Biosciences by 8.2% in the third quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company's stock worth $1,234,000 after buying an additional 5,683 shares in the last quarter. MetLife Investment Management LLC bought a new position in shares of IGM Biosciences in the third quarter valued at approximately $149,000. State Street Corp grew its stake in IGM Biosciences by 2.7% during the third quarter. State Street Corp now owns 469,790 shares of the company's stock valued at $7,770,000 after acquiring an additional 12,174 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in IGM Biosciences by 42.6% during the 3rd quarter. Wellington Management Group LLP now owns 98,339 shares of the company's stock worth $1,627,000 after acquiring an additional 29,374 shares during the period. 42.79% of the stock is currently owned by hedge funds and other institutional investors.

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.