IGM Biosciences, Inc. (NASDAQ:IGMS) Receives Consensus Recommendation of "Hold" from Brokerages

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report) have received a consensus rating of "Hold" from the nine analysts that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, four have given a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $15.00.

IGMS has been the subject of several analyst reports. Wedbush dropped their target price on IGM Biosciences from $25.00 to $22.00 and set an "outperform" rating for the company in a research note on Tuesday, October 1st. Truist Financial downgraded shares of IGM Biosciences from a "buy" rating to a "hold" rating and dropped their price objective for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Royal Bank of Canada raised their target price on shares of IGM Biosciences from $17.00 to $20.00 and gave the stock an "outperform" rating in a research report on Friday, October 18th. Guggenheim dropped their price target on shares of IGM Biosciences from $25.00 to $20.00 and set a "buy" rating for the company in a research report on Tuesday, October 1st. Finally, HC Wainwright reduced their target price on IGM Biosciences from $12.00 to $11.00 and set a "neutral" rating on the stock in a report on Thursday, September 5th.

Insider Activity

In related news, CEO Fred Schwarzer sold 3,946 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 250,124 shares of the company's stock, valued at approximately $2,886,430.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders sold 5,902 shares of company stock worth $68,109. 57.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IGM Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. purchased a new stake in IGM Biosciences during the 2nd quarter worth approximately $187,000. AQR Capital Management LLC acquired a new stake in shares of IGM Biosciences during the second quarter worth approximately $84,000. Marshall Wace LLP increased its stake in shares of IGM Biosciences by 51.6% in the second quarter. Marshall Wace LLP now owns 107,267 shares of the company's stock worth $737,000 after buying an additional 36,491 shares during the last quarter. XTX Topco Ltd raised its holdings in IGM Biosciences by 70.9% in 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 in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in IGM Biosciences by 126.0% during the 2nd quarter. Renaissance Technologies LLC now owns 108,693 shares of the company's stock valued at $747,000 after acquiring an additional 60,593 shares during the last quarter. 42.79% of the stock is owned by hedge funds and other institutional investors.

IGM Biosciences Stock Up 6.3 %

Shares of NASDAQ:IGMS traded up $1.00 during trading on Friday, reaching $16.84. The stock had a trading volume of 93,061 shares, compared to its average volume of 346,130. The stock has a market cap of $998.95 million, a P/E ratio of -4.59 and a beta of 0.21. The business has a fifty day moving average price of $13.66 and a 200-day moving average price of $10.49. IGM Biosciences has a fifty-two week low of $3.81 and a fifty-two week high of $22.50.

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

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.