IGM Biosciences (NASDAQ:IGMS) Stock Rating Reaffirmed by Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of IGM Biosciences (NASDAQ:IGMS) in a report issued on Thursday, Benzinga reports. The brokerage currently has a $20.00 target price on the stock.

Other equities analysts have also issued research reports about the stock. Wedbush reaffirmed an outperform rating and set a $25.00 price objective (up previously from $20.00) on shares of IGM Biosciences in a research report on Wednesday, August 14th. HC Wainwright reiterated a neutral rating and issued a $12.00 price objective on shares of IGM Biosciences in a report on Friday, May 24th. Finally, JPMorgan Chase & Co. increased their target price on shares of IGM Biosciences from $11.00 to $12.00 and gave the stock a neutral rating in a research report on Thursday. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $16.88.

IGM Biosciences Price Performance

Shares of IGMS opened at $9.15 on Thursday. IGM Biosciences has a 12 month low of $3.81 and a 12 month high of $17.70. The company has a market cap of $540.07 million, a P/E ratio of -2.12 and a beta of 0.19. The stock has a fifty day moving average price of $8.70 and a 200 day moving average price of $9.83.

IGM Biosciences (NASDAQ:IGMS) last announced its earnings results on Wednesday, August 14th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.97). IGM Biosciences had a negative return on equity of 108.07% and a negative net margin of 11,255.25%. The company had revenue of $1.25 million for the quarter, compared to analyst estimates of $51.75 million. As a group, research analysts anticipate that IGM Biosciences will post -2.31 earnings per share for the current year.

Insider Buying and Selling at IGM Biosciences

In other news, Director Julie Hambleton sold 15,132 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was 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 directly owns 2,000 shares of the company’s stock, valued at $28,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other IGM Biosciences news, CEO Fred Schwarzer sold 4,164 shares of the firm’s stock in a transaction that occurred 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 owns 254,070 shares in the company, valued at approximately $1,925,850.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Julie Hambleton sold 15,132 shares of IGM Biosciences stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $14.00, for a total value of $211,848.00. Following the sale, the director now directly owns 2,000 shares in the company, valued at approximately $28,000. The disclosure for this sale can be found here. Insiders have sold 21,361 shares of company stock valued at $259,064 in the last 90 days. 57.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IGM Biosciences

A number of hedge funds have recently made changes to their positions in IGMS. Jacobs Levy Equity Management Inc. bought a new stake in shares of IGM Biosciences in the 1st quarter worth about $758,000. Price T Rowe Associates Inc. MD raised its stake in IGM Biosciences by 19.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock valued at $37,520,000 after acquiring an additional 628,001 shares during the period. Nisa Investment Advisors LLC lifted its holdings in IGM Biosciences by 7,258.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,900 shares of the company’s stock valued at $32,000 after purchasing an additional 3,847 shares during the last quarter. Panagora Asset Management Inc. bought a new position in IGM Biosciences during the fourth quarter worth $252,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of IGM Biosciences in the first quarter valued at $268,000. Institutional investors and hedge funds 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.