HC Wainwright Trims IGM Biosciences (NASDAQ:IGMS) Target Price to $11.00

IGM Biosciences (NASDAQ:IGMS) had its target price cut by HC Wainwright from $12.00 to $11.00 in a research report report published on Thursday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms have also issued reports on IGMS. Royal Bank of Canada reaffirmed an outperform rating and issued a $20.00 target price on shares of IGM Biosciences in a report on Thursday, August 15th. JPMorgan Chase & Co. raised their price objective on shares of IGM Biosciences from $11.00 to $12.00 and gave the stock a neutral rating in a research note on Thursday, August 15th. Truist Financial cut their target price on shares of IGM Biosciences from $25.00 to $24.00 and set a buy rating for the company in a research note on Friday, August 23rd. Finally, Wedbush restated an outperform rating and issued a $25.00 price target (up from $20.00) on shares of IGM Biosciences in a research report on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $16.63.

IGM Biosciences Trading Down 9.2 %

Shares of IGM Biosciences stock opened at $9.31 on Thursday. The firm has a fifty day simple moving average of $9.57 and a 200-day simple moving average of $9.44. The stock has a market capitalization of $549.51 million, a price-to-earnings ratio of -2.16 and a beta of 0.19. IGM Biosciences has a 1-year low of $3.81 and a 1-year high of $17.70.

IGM Biosciences (NASDAQ:IGMS) last released its earnings results on Wednesday, August 14th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.97). The firm had revenue of $1.25 million for the quarter, compared to analyst estimates of $51.75 million. IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. As a group, research analysts predict that IGM Biosciences will post -3.01 earnings per share for the current year.

Insider Transactions at IGM Biosciences

In other news, Director Julie Hambleton sold 15,132 shares of IGM Biosciences stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $14.00, for a total transaction of $211,848.00. Following the sale, the director now directly owns 2,000 shares in the company, valued at approximately $28,000. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related 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 transaction of $31,563.12. Following the completion of the transaction, the chief executive officer now 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 available through this link. Also, Director Julie Hambleton sold 15,132 shares of the business’s 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 directly owns 2,000 shares in the company, valued at approximately $28,000. The disclosure for this sale can be found here. In the last three months, insiders sold 21,361 shares of company stock valued at $259,064. Company insiders own 57.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in IGMS. Price T Rowe Associates Inc. MD increased its position in shares of IGM Biosciences by 19.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock worth $37,520,000 after purchasing an additional 628,001 shares in the last quarter. Baker BROS. Advisors LP increased its holdings in shares of IGM Biosciences by 10.8% during the first quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock worth $39,452,000 after buying an additional 397,311 shares in the last quarter. Redmile Group LLC increased its holdings in shares of IGM Biosciences by 3.4% during the first quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock worth $29,649,000 after buying an additional 100,936 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of IGM Biosciences in the first quarter valued at approximately $758,000. Finally, Pennant Investors LP bought a new stake in IGM Biosciences during the 4th quarter worth approximately $539,000. 42.79% of the stock is owned by institutional investors.

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.