Rhenman & Partners Asset Management AB Decreases Holdings in IGM Biosciences, Inc. (NASDAQ:IGMS)

Rhenman & Partners Asset Management AB cut its stake in IGM Biosciences, Inc. (NASDAQ:IGMS) by 32.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 126,064 shares of the company’s stock after selling 59,395 shares during the quarter. Rhenman & Partners Asset Management AB owned about 0.21% of IGM Biosciences worth $770,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Geode Capital Management LLC raised its holdings in shares of IGM Biosciences by 3.4% during the 4th quarter. Geode Capital Management LLC now owns 409,133 shares of the company’s stock valued at $2,501,000 after buying an additional 13,334 shares during the period. Charles Schwab Investment Management Inc. increased its stake in IGM Biosciences by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 157,843 shares of the company’s stock worth $964,000 after buying an additional 9,441 shares during the period. China Universal Asset Management Co. Ltd. acquired a new position in IGM Biosciences in the 4th quarter worth $44,000. Barclays PLC boosted its position in IGM Biosciences by 48.4% in the 3rd quarter. Barclays PLC now owns 21,554 shares of the company’s stock valued at $356,000 after buying an additional 7,027 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of IGM Biosciences by 42.6% during the third quarter. Wellington Management Group LLP now owns 98,339 shares of the company’s stock valued at $1,627,000 after acquiring an additional 29,374 shares in the last quarter. Institutional investors and hedge funds own 42.79% of the company’s stock.

Wall Street Analyst Weigh In

IGMS has been the topic of several recent analyst reports. BMO Capital Markets reissued a “market perform” rating and issued a $2.00 price target (down previously from $21.00) on shares of IGM Biosciences in a report on Friday, January 10th. Stifel Nicolaus cut IGM Biosciences from a “buy” rating to a “hold” rating and reduced their target price for the company from $27.00 to $2.50 in a research note on Friday, January 10th. Jefferies Financial Group restated a “hold” rating and issued a $2.00 price target (down previously from $48.00) on shares of IGM Biosciences in a research note on Friday, January 10th. Morgan Stanley downgraded shares of IGM Biosciences from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $12.00 to $2.00 in a research note on Friday, January 10th. Finally, Truist Financial dropped their target price on shares of IGM Biosciences from $12.00 to $2.00 and set a “hold” rating for the company in a research report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating and nine have issued a hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.50.

IGM Biosciences Stock Down 2.6 %

IGMS opened at $1.13 on Friday. The company’s 50-day moving average price is $1.35 and its 200 day moving average price is $7.47. IGM Biosciences, Inc. has a fifty-two week low of $1.10 and a fifty-two week high of $22.50. The firm has a market cap of $67.55 million, a price-to-earnings ratio of -0.31 and a beta of 0.58.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings results on Thursday, March 6th. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.13. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The business had revenue of $0.41 million for the quarter, compared to analysts’ expectations of $0.39 million. Research analysts anticipate that IGM Biosciences, Inc. will post -3.35 earnings per share 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.