IGM Biosciences, Inc. (NASDAQ:IGMS) Given Average Recommendation of “Moderate Buy” by Brokerages

IGM Biosciences, Inc. (NASDAQ:IGMS) has earned a consensus recommendation of “Moderate Buy” from the eight brokerages that are presently covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $17.89.

Several brokerages have weighed in on IGMS. Wedbush reissued an “outperform” rating and set a $20.00 price objective on shares of IGM Biosciences in a report on Thursday, May 9th. HC Wainwright reiterated a “neutral” rating and set a $12.00 price target on shares of IGM Biosciences in a research note on Friday, May 24th.

Insider Activity

In other IGM Biosciences news, CEO Fred Schwarzer sold 4,164 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $7.58, for a total value of $31,563.12. Following the sale, the chief executive officer now directly owns 254,070 shares in the company, valued at approximately $1,925,850.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 6,229 shares of company stock worth $47,216 over the last ninety days. Company insiders own 57.00% of the company’s stock.

Hedge Funds Weigh In On IGM Biosciences

Institutional investors have recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. purchased a new stake in shares of IGM Biosciences during the 1st quarter valued at $758,000. Redmile Group LLC grew its position in IGM Biosciences by 3.4% in the first quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock worth $29,649,000 after acquiring an additional 100,936 shares in the last quarter. Baker BROS. Advisors LP increased its stake in IGM Biosciences by 10.8% in the first quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock valued at $39,452,000 after acquiring an additional 397,311 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in IGM Biosciences by 19.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock valued at $37,520,000 after purchasing an additional 628,001 shares in the last quarter. Finally, EntryPoint Capital LLC bought a new stake in IGM Biosciences during the first quarter worth about $152,000. 42.79% of the stock is currently owned by institutional investors.

IGM Biosciences Price Performance

NASDAQ IGMS opened at $6.61 on Friday. The stock has a market capitalization of $390.15 million, a price-to-earnings ratio of -1.53 and a beta of 0.23. The business’s fifty day moving average is $8.54 and its 200-day moving average is $9.86. IGM Biosciences has a one year low of $3.81 and a one year high of $17.70.

IGM Biosciences (NASDAQ:IGMS) last released its earnings results on Wednesday, May 8th. The company reported ($0.83) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.84) by $0.01. IGM Biosciences had a negative net margin of 11,255.25% and a negative return on equity of 108.07%. The firm had revenue of $0.50 million for the quarter, compared to analysts’ expectations of $0.71 million. Research analysts expect that IGM Biosciences will post -2.31 EPS for the current fiscal year.

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.