Guggenheim Lowers IGM Biosciences (NASDAQ:IGMS) Price Target to $20.00

IGM Biosciences (NASDAQ:IGMS) had its target price reduced by analysts at Guggenheim from $25.00 to $20.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price target suggests a potential upside of 38.89% from the company’s current price.

Other research analysts have also issued reports about the company. Truist Financial lowered IGM Biosciences from a “buy” rating to a “hold” rating and cut their price objective for the company from $24.00 to $12.00 in a report on Tuesday. Royal Bank of Canada decreased their price objective on shares of IGM Biosciences from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday. JPMorgan Chase & Co. cut shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $12.00 to $9.00 in a report on Tuesday. Wedbush lowered their target price on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, HC Wainwright reduced their price target on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $14.67.

IGM Biosciences Trading Down 0.7 %

NASDAQ:IGMS opened at $14.40 on Tuesday. IGM Biosciences has a twelve month low of $3.81 and a twelve month high of $22.50. The company has a market cap of $849.95 million, a PE ratio of -3.34 and a beta of 0.21. The company’s 50 day moving average is $11.69 and its two-hundred day moving average is $9.78.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.97). IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. The company had revenue of $1.25 million for the quarter, compared to analyst estimates of $51.75 million. As a group, analysts expect that IGM Biosciences will post -3.13 EPS for the current fiscal year.

Insider Buying and Selling at IGM Biosciences

In related news, Director Julie Hambleton sold 15,132 shares of the company’s 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 completion of the transaction, the director now owns 2,000 shares in the company, valued at approximately $28,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Julie Hambleton sold 15,132 shares of the business’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 completion of the sale, the director now directly owns 2,000 shares in the company, valued at $28,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the completion of the sale, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. The disclosure for this sale can be found here. Insiders have sold a total of 21,034 shares of company stock valued at $279,957 over the last ninety days. Corporate insiders own 57.00% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

A number of institutional investors have recently added to or reduced their stakes in IGMS. Rhumbline Advisers boosted its position in shares of IGM Biosciences by 13.1% in the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after buying an additional 2,635 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of IGM Biosciences by 8.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock worth $371,000 after purchasing an additional 4,427 shares during the last quarter. Quest Partners LLC lifted its stake in IGM Biosciences by 71.4% in the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after buying an additional 4,961 shares in the last quarter. TD Asset Management Inc grew its holdings in IGM Biosciences by 3.4% during the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after buying an additional 5,350 shares during the last quarter. Finally, XTX Topco Ltd increased its position in IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after buying an additional 8,467 shares in the last quarter. Hedge funds and other institutional investors own 42.79% of the company’s stock.

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.