IGM Biosciences (NASDAQ:IGMS) Shares Down 7.8% - Here's Why

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report) were down 7.8% during mid-day trading on Friday . The stock traded as low as $12.82 and last traded at $13.25. Approximately 108,339 shares were traded during trading, a decline of 65% from the average daily volume of 307,457 shares. The stock had previously closed at $14.37.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on IGMS. Truist Financial downgraded IGM Biosciences from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $24.00 to $12.00 in a research note on Tuesday, October 1st. Royal Bank of Canada upped their price target on shares of IGM Biosciences from $17.00 to $20.00 and gave the company an "outperform" rating in a report on Friday, October 18th. HC Wainwright reduced their price objective on shares of IGM Biosciences from $12.00 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, September 5th. JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a "neutral" rating to an "underweight" rating and dropped their target price for the stock from $12.00 to $9.00 in a report on Tuesday, October 1st. Finally, Wedbush reduced their target price 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. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, IGM Biosciences has an average rating of "Hold" and a consensus price target of $15.00.

IGM Biosciences Price Performance

The firm has a market cap of $772.94 million, a price-to-earnings ratio of -3.55 and a beta of 0.20. The stock's fifty day moving average price is $14.79 and its 200-day moving average price is $11.02.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last announced its earnings results on Wednesday, August 14th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.97). IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. The firm had revenue of $1.25 million for the quarter, compared to analyst estimates of $51.75 million. As a group, equities research analysts predict that IGM Biosciences, Inc. will post -3.17 EPS for the current fiscal year.

Insider Activity at IGM Biosciences

In related news, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $11.54, for a total transaction of $45,536.84. Following the completion of the sale, the chief executive officer now directly owns 250,124 shares in the company, valued at approximately $2,886,430.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have sold 5,902 shares of company stock valued at $68,109. Corporate insiders own 57.00% of the company's stock.

Hedge Funds Weigh In On IGM Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. acquired a new stake in shares of IGM Biosciences in the second quarter worth $187,000. AQR Capital Management LLC acquired a new position in IGM Biosciences during the 2nd quarter worth $84,000. Marshall Wace LLP lifted its position in IGM Biosciences by 51.6% during the 2nd quarter. Marshall Wace LLP now owns 107,267 shares of the company's stock worth $737,000 after acquiring an additional 36,491 shares during the last quarter. XTX Topco Ltd boosted its holdings in IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company's stock valued at $140,000 after acquiring an additional 8,467 shares during the period. Finally, Renaissance Technologies LLC grew its position in shares of IGM Biosciences by 126.0% in the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company's stock valued at $747,000 after purchasing an additional 60,593 shares during the last quarter. Institutional investors 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.