IGM Biosciences (NASDAQ:IGMS) Stock Rating Lowered by Truist Financial

Truist Financial lowered shares of IGM Biosciences (NASDAQ:IGMS) from a buy rating to a hold rating in a research note released on Tuesday morning, MarketBeat.com reports. They currently have $12.00 price target on the stock, down from their previous price target of $24.00.

A number of other research analysts have also issued reports on IGMS. 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. Wedbush reiterated an outperform rating and issued a $25.00 target price (up previously from $20.00) on shares of IGM Biosciences in a research report on Wednesday, August 14th. 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, August 15th. Finally, JPMorgan Chase & Co. increased their price objective on shares of IGM Biosciences from $11.00 to $12.00 and gave the company a neutral rating in a report on Thursday, August 15th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $14.67.

IGM Biosciences Stock Up 3.4 %

IGMS stock opened at $15.41 on Tuesday. The stock has a market cap of $909.56 million, a PE ratio of -3.58 and a beta of 0.21. The firm’s 50-day simple moving average is $11.83 and its 200 day simple moving average is $9.85. IGM Biosciences has a fifty-two week low of $3.81 and a fifty-two week high of $22.50.

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

Insider Activity

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 shares were 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 $28,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Julie Hambleton sold 15,132 shares of the stock in a transaction 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 owns 2,000 shares in the company, valued at approximately $28,000. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction on Friday, September 13th. The stock was 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 in the company, valued at $2,886,430.96. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,034 shares of company stock worth $279,957. Corporate insiders own 57.00% of the company’s stock.

Institutional Trading of IGM Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quest Partners LLC grew its position in IGM Biosciences by 71.4% during the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after purchasing an additional 4,961 shares in the last quarter. AQR Capital Management LLC purchased a new position in shares of IGM Biosciences during the second quarter valued at $84,000. XTX Topco Ltd raised 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 valued at $140,000 after buying an additional 8,467 shares during the period. EntryPoint Capital LLC purchased a new stake in IGM Biosciences in the 1st quarter worth about $152,000. Finally, Rhumbline Advisers boosted its position in IGM Biosciences by 13.1% during the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after acquiring an additional 2,635 shares during the period. Institutional investors and hedge funds 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.