IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report) dropped 3.7% during trading on Friday . The company traded as low as $16.50 and last traded at $16.50. Approximately 18,468 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 309,012 shares. The stock had previously closed at $17.14.
IGMS has been the subject of a number of recent research reports. Guggenheim cut 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 decreased 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. Truist Financial cut IGM Biosciences from a "buy" rating to a "hold" rating and decreased their price target for the company from $24.00 to $12.00 in a report on Tuesday, October 1st. Wedbush decreased their price target on IGM Biosciences from $25.00 to $22.00 and set an "outperform" rating on the stock in a report on Tuesday, October 1st. Finally, Royal Bank of Canada upped their price target on IGM Biosciences from $17.00 to $20.00 and gave the company an "outperform" rating in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $15.00.
View Our Latest Analysis on IGMS
The company has a market cap of $963.95 million, a price-to-earnings ratio of -4.67 and a beta of 0.21. The firm has a fifty day moving average price of $14.23 and a 200 day moving average price of $10.74.
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 the consensus estimate 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 business had revenue of $1.25 million for the quarter, compared to analyst estimates of $51.75 million. On average, analysts expect that IGM Biosciences, Inc. will post -3.17 EPS for the current fiscal year.
In related news, CEO Fred Schwarzer sold 3,946 shares of the firm's stock in a transaction 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 transaction, the chief executive officer now owns 250,124 shares in the company, valued at approximately $2,886,430.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 5,902 shares of company stock worth $68,109 in the last 90 days. Company insiders own 57.00% of the company's stock.
A number of hedge funds have recently made changes to their positions in the company. Point72 Asset Management L.P. acquired a new position in shares of IGM Biosciences in the second quarter worth approximately $187,000. AQR Capital Management LLC acquired a new position in shares of IGM Biosciences in the second quarter worth approximately $84,000. Marshall Wace LLP lifted 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 acquiring an additional 36,491 shares during the period. XTX Topco Ltd lifted its stake in shares of 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 acquiring an additional 8,467 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of IGM Biosciences by 126.0% in the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company's stock worth $747,000 after acquiring an additional 60,593 shares during the period. 42.79% of the stock is owned by institutional investors and hedge funds.
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.
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