IGM Biosciences (NASDAQ:IGMS) Shares Gap Down Following Analyst Downgrade

IGM Biosciences, Inc. (NASDAQ:IGMS) gapped down before the market opened on Tuesday after Guggenheim lowered their price target on the stock from $25.00 to $20.00. The stock had previously closed at $16.54, but opened at $11.43. Guggenheim currently has a buy rating on the stock. IGM Biosciences shares last traded at $14.34, with a volume of 291,886 shares.

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

Insider Transactions at IGM Biosciences

In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction 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 transaction, the chief executive officer now owns 250,124 shares of the company’s stock, valued at $2,886,430.96. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $11.54, for a total transaction of $45,536.84. Following the sale, the chief executive officer now directly owns 250,124 shares in the company, valued at approximately $2,886,430.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Julie Hambleton sold 15,132 shares of the company’s stock in a transaction 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 transaction, the director now owns 2,000 shares of the company’s stock, valued at $28,000. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,034 shares of company stock worth $279,957. 57.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IGM Biosciences

A number of hedge funds have recently made changes to their positions in the business. Baker BROS. Advisors LP raised its stake in IGM Biosciences by 10.8% during the 1st 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 in the last quarter. Price T Rowe Associates Inc. MD increased its stake in 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 valued at $37,520,000 after buying an additional 628,001 shares during the period. Redmile Group LLC increased its stake in IGM Biosciences by 3.4% during the 1st quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock valued at $29,649,000 after buying an additional 100,936 shares during the period. TD Asset Management Inc raised its position in shares of IGM Biosciences by 3.4% during the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock worth $1,130,000 after buying an additional 5,350 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of IGM Biosciences by 126.0% in the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after acquiring an additional 60,593 shares in the last quarter. Institutional investors own 42.79% of the company’s stock.

IGM Biosciences Stock Down 0.7 %

The firm has a market cap of $849.95 million, a price-to-earnings ratio of -3.34 and a beta of 0.21. The stock’s 50 day moving average is $11.69 and its 200 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 analysts’ consensus estimates 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 firm had revenue of $1.25 million during the quarter, compared to the consensus estimate of $51.75 million. Analysts anticipate that IGM Biosciences, Inc. will post -3.13 earnings per share 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.