IGM Biosciences (NASDAQ:IGMS) Shares Down 3.7% - Should You Sell?

IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report)'s stock price fell 3.7% on Friday . The stock traded as low as $16.50 and last traded at $16.50. 18,468 shares changed hands during trading, a decline of 94% from the average session volume of 309,012 shares. The stock had previously closed at $17.14.

Wall Street Analysts Forecast Growth

IGMS has been the subject of several research analyst reports. Truist Financial cut shares of IGM Biosciences from a "buy" rating to a "hold" rating and lowered their target price for the company from $24.00 to $12.00 in a report on Tuesday, October 1st. Wedbush cut their target price on IGM Biosciences from $25.00 to $22.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 1st. HC Wainwright decreased their target price on IGM Biosciences from $12.00 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, September 5th. Guggenheim dropped their price target on IGM Biosciences from $25.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, October 1st. Finally, JPMorgan Chase & Co. cut IGM Biosciences from a "neutral" rating to an "underweight" rating and reduced their price objective for the company from $12.00 to $9.00 in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, IGM Biosciences currently has an average rating of "Hold" and an average target price of $15.00.

IGM Biosciences Price Performance

The company has a 50 day moving average price of $14.34 and a 200 day moving average price of $10.78. The firm has a market cap of $962.17 million, a PE ratio of -4.42 and a beta of 0.21.

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). The firm had revenue of $1.25 million during the quarter, compared to analyst estimates of $51.75 million. IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. On average, equities analysts anticipate that IGM Biosciences, Inc. will post -3.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Fred Schwarzer sold 3,946 shares of the 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 directly owns 250,124 shares of the company's stock, valued at approximately $2,886,430.96. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have sold 5,902 shares of company stock worth $68,109. Company insiders own 57.00% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of IGMS. Point72 Asset Management L.P. purchased a new stake in shares of IGM Biosciences during the 2nd quarter worth $187,000. AQR Capital Management LLC acquired a new stake in shares of IGM Biosciences in the second quarter valued at about $84,000. Marshall Wace LLP boosted its holdings in IGM Biosciences by 51.6% during 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 in 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 worth $140,000 after buying an additional 8,467 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in IGM Biosciences by 126.0% during the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company's stock worth $747,000 after buying an additional 60,593 shares during the period. 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.