IGM Biosciences (NASDAQ:IGMS) Issues Quarterly Earnings Results, Misses Expectations By $0.97 EPS

IGM Biosciences (NASDAQ:IGMS) announced its quarterly earnings results on Wednesday. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.97), Zacks reports. The business had revenue of $1.25 million during the quarter, compared to analysts’ expectations of $51.75 million. IGM Biosciences had a negative net margin of 11,255.25% and a negative return on equity of 108.07%.

IGM Biosciences Stock Performance

Shares of IGMS stock traded up $0.55 during trading hours on Thursday, reaching $9.27. The company had a trading volume of 207,686 shares, compared to its average volume of 315,216. IGM Biosciences has a 12-month low of $3.81 and a 12-month high of $17.70. The company has a market capitalization of $547.15 million, a price-to-earnings ratio of -2.14 and a beta of 0.19. The stock has a fifty day moving average of $8.66 and a 200-day moving average of $9.85.

Insider Buying and Selling

In other IGM Biosciences news, CEO Fred Schwarzer sold 4,164 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $7.58, for a total value of $31,563.12. Following the completion of the sale, the chief executive officer now directly owns 254,070 shares in the company, valued at approximately $1,925,850.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other IGM Biosciences news, CEO Fred Schwarzer sold 4,164 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $7.58, for a total value of $31,563.12. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Julie Hambleton sold 15,132 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $14.00, for a total transaction of $211,848.00. Following the sale, the director now owns 2,000 shares of the company’s stock, valued at approximately $28,000. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,361 shares of company stock worth $259,064. 57.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

IGMS has been the subject of a number of research analyst reports. HC Wainwright restated a “neutral” rating and set a $12.00 price objective on shares of IGM Biosciences in a research report on Friday, May 24th. Royal Bank of Canada restated an “outperform” rating and set a $20.00 price target on shares of IGM Biosciences in a research report on Thursday. JPMorgan Chase & Co. boosted their price objective on IGM Biosciences from $11.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Wedbush reissued an “outperform” rating and set a $25.00 target price (up previously from $20.00) on shares of IGM Biosciences in a report on Wednesday. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $16.88.

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.