IGM Biosciences (NASDAQ:IGMS) Trading 7.7% Higher - Here's Why

IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report) was up 7.7% on Monday . The company traded as high as $18.14 and last traded at $18.14. Approximately 13,906 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 313,242 shares. The stock had previously closed at $16.84.

Analyst Upgrades and Downgrades

IGMS has been the subject of several research analyst reports. Truist Financial lowered IGM Biosciences from a "buy" rating to a "hold" rating and dropped their price target for the company from $24.00 to $12.00 in a research report on Tuesday, October 1st. Wedbush decreased their target price on shares of IGM Biosciences from $25.00 to $22.00 and set an "outperform" rating for the company in a research note on Tuesday, October 1st. JPMorgan Chase & Co. downgraded IGM Biosciences from a "neutral" rating to an "underweight" rating and cut their price target for the stock from $12.00 to $9.00 in a research note on Tuesday, October 1st. HC Wainwright dropped 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. Finally, Royal Bank of Canada upped their price target on shares of IGM Biosciences from $17.00 to $20.00 and gave the stock an "outperform" rating in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $15.00.

IGM Biosciences Price Performance

The firm has a market capitalization of $1.06 billion, a P/E ratio of -4.86 and a beta of 0.21. The stock's 50-day simple moving average is $13.66 and its two-hundred day simple moving average is $10.52.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $1.25 million during the quarter, compared to the consensus estimate of $51.75 million. On average, analysts forecast that IGM Biosciences, Inc. will post -3.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other IGM Biosciences 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 completion of the transaction, the chief executive officer now owns 250,124 shares in the company, valued at $2,886,430.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 5,902 shares of company stock valued at $68,109 over the last ninety days. 57.00% of the stock is owned by insiders.

Institutional Investors Weigh In On IGM Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of IGMS. Quest Partners LLC boosted its position in IGM Biosciences by 71.4% during the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company's stock valued at $82,000 after acquiring an additional 4,961 shares in the last quarter. AQR Capital Management LLC bought a new stake in IGM Biosciences during the second quarter valued at about $84,000. EntryPoint Capital LLC purchased a new position in IGM Biosciences in the first quarter valued at about $152,000. 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 worth $140,000 after purchasing an additional 8,467 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in IGM Biosciences by 13.1% in the second quarter. Rhumbline Advisers now owns 22,726 shares of the company's stock worth $156,000 after purchasing an additional 2,635 shares in the last quarter. 42.79% of the stock is owned by 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.