IGM Biosciences (NASDAQ:IGMS) Shares Up 8.1% – Should You Buy?

IGM Biosciences, Inc. (NASDAQ:IGMS)’s share price was up 8.1% on Friday . The stock traded as high as $15.10 and last traded at $15.01. Approximately 37,338 shares traded hands during trading, a decline of 88% from the average daily volume of 318,303 shares. The stock had previously closed at $13.89.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on IGMS shares. Wedbush lowered 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. Guggenheim lowered their target price on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. HC Wainwright lowered their target price on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. JPMorgan Chase & Co. cut shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $12.00 to $9.00 in a research report on Tuesday, October 1st. Finally, Truist Financial cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their target price for the stock from $24.00 to $12.00 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 issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $14.67.

IGM Biosciences Trading Up 8.0 %

The stock has a market capitalization of $889.80 million, a price-to-earnings ratio of -4.09 and a beta of 0.21. The stock has a fifty day moving average of $12.21 and a two-hundred day moving average of $10.01.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly 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). The company had revenue of $1.25 million during the quarter, compared to the consensus estimate of $51.75 million. IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. Equities analysts expect that IGM Biosciences, Inc. will post -3.17 earnings per share for the current year.

Insider Buying and Selling

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 value 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Fred Schwarzer sold 3,946 shares of the company’s stock in a transaction on Friday, September 13th. The shares were 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 in the company, valued at approximately $2,886,430.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Julie Hambleton sold 15,132 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total value of $211,848.00. Following the completion of the sale, the director now owns 2,000 shares of the company’s stock, valued at $28,000. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,034 shares of company stock worth $279,957. Company insiders own 57.00% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

Hedge funds have recently modified their holdings of the stock. Jacobs Levy Equity Management Inc. bought a new stake in IGM Biosciences during the 1st quarter valued at $758,000. Price T Rowe Associates Inc. MD grew its position in IGM Biosciences by 19.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock worth $37,520,000 after acquiring an additional 628,001 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in IGM Biosciences in the first quarter worth $268,000. Marshall Wace LLP raised its stake in shares of IGM Biosciences by 51.6% during the second quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock valued at $737,000 after acquiring an additional 36,491 shares during the last quarter. Finally, TD Asset Management Inc raised its stake in shares of IGM Biosciences by 3.4% during the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after acquiring an additional 5,350 shares during the last quarter. Institutional investors own 42.79% of the company’s stock.

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.