IGM Biosciences, Inc. (NASDAQ:IGMS) Short Interest Update

IGM Biosciences, Inc. (NASDAQ:IGMS) saw a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 2,840,000 shares, a drop of 15.7% from the October 31st total of 3,370,000 shares. Currently, 16.2% of the company’s stock are short sold. Based on an average daily volume of 304,700 shares, the days-to-cover ratio is presently 9.3 days.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Guggenheim cut their price target on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Royal Bank of Canada boosted their target price on IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Stifel Nicolaus raised their price objective on shares of IGM Biosciences from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Truist Financial lowered IGM Biosciences from a “buy” rating to a “hold” rating and reduced their target price for the stock from $24.00 to $12.00 in a report on Tuesday, October 1st. Finally, HC Wainwright reduced their price objective on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $16.13.

IGM Biosciences Price Performance

Shares of IGMS traded up $0.75 during trading hours on Monday, hitting $10.79. The stock had a trading volume of 319,291 shares, compared to its average volume of 306,704. The firm has a market capitalization of $641.62 million, a PE ratio of -2.96 and a beta of 0.20. IGM Biosciences has a 12 month low of $5.58 and a 12 month high of $22.50. The stock has a fifty day moving average price of $14.00 and a 200 day moving average price of $11.13.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings results on Friday, November 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. The firm had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.23 million. As a group, analysts anticipate that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Insider Activity

In related news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction dated Friday, September 13th. The shares were 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 directly owns 250,124 shares of the company’s stock, valued at $2,886,430.96. This trade represents a 1.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 5,902 shares of company stock worth $68,109 in the last quarter. 57.00% of the stock is owned by company insiders.

Institutional Trading of IGM Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. bought a new stake in shares of IGM Biosciences during the 1st quarter valued at $758,000. Renaissance Technologies LLC grew its holdings in IGM Biosciences by 126.0% during the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after purchasing an additional 60,593 shares during the period. Marshall Wace LLP increased its position in IGM Biosciences by 51.6% in the second quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock worth $737,000 after buying an additional 36,491 shares in the last quarter. Bruce & Co. Inc. increased its position in IGM Biosciences by 53.8% in the second quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock worth $687,000 after buying an additional 35,000 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of IGM Biosciences by 42.6% in the third quarter. Wellington Management Group LLP now owns 98,339 shares of the company’s stock worth $1,627,000 after buying an additional 29,374 shares during the period. 42.79% of the stock is owned by hedge funds and other 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.