IGM Biosciences (NASDAQ:IGMS) Given New $27.00 Price Target at Stifel Nicolaus

IGM Biosciences (NASDAQ:IGMS) had its price objective upped by Stifel Nicolaus from $25.00 to $27.00 in a research note issued to investors on Monday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

Other analysts have also issued reports about the company. Truist Financial lowered IGM Biosciences from a “buy” rating to a “hold” rating and dropped their target price for the stock from $24.00 to $12.00 in a research report on Tuesday, October 1st. Wedbush dropped their price objective on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a report on Tuesday, October 1st. Guggenheim reduced their target price on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. HC Wainwright dropped 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 note on Thursday, September 5th. Finally, JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $12.00 to $9.00 in a research note on Tuesday, October 1st. 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 company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $15.22.

IGM Biosciences Price Performance

NASDAQ IGMS traded up $0.08 on Monday, reaching $12.96. The company had a trading volume of 12,491 shares, compared to its average volume of 309,260. The firm has a market capitalization of $768.79 million, a PE ratio of -3.54 and a beta of 0.20. The firm has a 50-day moving average of $14.85 and a 200-day moving average of $11.11. IGM Biosciences has a 1 year low of $4.32 and a 1 year high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings results on Friday, November 8th. The company reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. The firm had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.23 million. As a group, sell-side analysts expect that IGM Biosciences will post -3.17 EPS for the current fiscal year.

Insider Activity

In related news, CEO Fred Schwarzer sold 3,946 shares of the business’s 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 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 5,902 shares of company stock valued at $68,109. 57.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IGM Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the company. Baker BROS. Advisors LP increased its holdings in shares of IGM Biosciences by 10.8% in the 1st quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock worth $39,452,000 after acquiring an additional 397,311 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of IGM Biosciences by 19.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock valued at $37,520,000 after purchasing an additional 628,001 shares during the period. Redmile Group LLC raised 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 valued at $29,649,000 after buying an additional 100,936 shares during the last quarter. TD Asset Management Inc boosted its position in shares of IGM Biosciences by 3.4% during the second 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 during the period. Finally, Renaissance Technologies LLC grew its holdings in IGM Biosciences by 126.0% in the 2nd quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock worth $747,000 after buying an additional 60,593 shares in the last quarter. 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.