IGM Biosciences (NASDAQ:IGMS) Shares Gap Up – Here’s What Happened

IGM Biosciences, Inc. (NASDAQ:IGMS) gapped up before the market opened on Friday . The stock had previously closed at $9.46, but opened at $10.00. IGM Biosciences shares last traded at $9.85, with a volume of 15,452 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on IGMS. JPMorgan Chase & Co. lowered shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $12.00 to $9.00 in a report on Tuesday, October 1st. Royal Bank of Canada increased their target price on shares of IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a research 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 stock a “buy” rating in a report on Monday, November 11th. HC Wainwright cut their price objective on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Finally, Wedbush cut their price objective on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $16.67.

IGM Biosciences Stock Up 5.5 %

The firm has a market cap of $593.41 million, a PE ratio of -2.60 and a beta of 0.08. The company’s 50 day moving average price is $13.51 and its two-hundred day moving average price is $11.13.

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

Insider Buying and Selling

In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 250,124 shares in the company, valued at approximately $2,886,430.96. The trade was a 1.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders sold 5,902 shares of company stock worth $68,109 in the last three months. Corporate insiders own 57.00% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC acquired a new position in shares of IGM Biosciences during the 2nd quarter valued at about $84,000. Marshall Wace LLP lifted 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 valued at $737,000 after buying an additional 36,491 shares during the last quarter. TD Asset Management Inc lifted 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 purchasing an additional 5,350 shares in the last quarter. Quest Partners LLC lifted its position in shares of IGM Biosciences by 71.4% during the second 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. Finally, Bank of New York Mellon Corp lifted its position in shares of IGM Biosciences by 8.9% during the second 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 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.