Wedbush Trims IGM Biosciences (NASDAQ:IGMS) Target Price to $22.00

IGM Biosciences (NASDAQ:IGMS) had its price target trimmed by Wedbush from $25.00 to $22.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has an outperform rating on the stock. Wedbush also issued estimates for IGM Biosciences’ Q3 2024 earnings at ($0.83) EPS, Q4 2024 earnings at ($0.71) EPS, FY2024 earnings at ($3.16) EPS, Q1 2025 earnings at ($0.46) EPS, Q2 2025 earnings at ($0.38) EPS, Q3 2025 earnings at ($0.40) EPS, Q4 2025 earnings at ($0.40) EPS, FY2025 earnings at ($1.64) EPS, FY2026 earnings at ($1.25) EPS, FY2027 earnings at ($1.58) EPS and FY2028 earnings at ($1.74) EPS.

Several other equities analysts have also recently commented on IGMS. Truist Financial cut shares of 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. JPMorgan Chase & Co. lowered IGM Biosciences from a neutral rating to an underweight rating and dropped their price target for the stock from $12.00 to $9.00 in a report on Tuesday. 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 research note on Thursday, September 5th. Finally, Royal Bank of Canada reaffirmed an outperform rating and set a $20.00 target price on shares of IGM Biosciences in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, IGM Biosciences has a consensus rating of Hold and an average target price of $14.67.

IGM Biosciences Stock Up 3.4 %

Shares of IGM Biosciences stock opened at $15.41 on Tuesday. The business has a 50 day moving average price of $11.83 and a 200-day moving average price of $9.85. IGM Biosciences has a 52 week low of $3.81 and a 52 week high of $22.50. The company has a market cap of $909.56 million, a PE ratio of -3.58 and a beta of 0.21.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.97). The firm had revenue of $1.25 million for the quarter, compared to analysts’ expectations of $51.75 million. IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. As a group, research analysts anticipate that IGM Biosciences will post -3.13 EPS for the current year.

Insider Buying and Selling at IGM Biosciences

In other news, 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 transaction of $211,848.00. Following the transaction, the director now owns 2,000 shares of the company’s stock, valued at $28,000. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction dated 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 owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Julie Hambleton sold 15,132 shares of IGM Biosciences stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $14.00, for a total value of $211,848.00. Following the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at $28,000. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 21,034 shares of company stock worth $279,957 over the last ninety days. 57.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IGM Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the company. Quest Partners LLC raised its position in IGM Biosciences by 71.4% during the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $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 2nd quarter valued at about $84,000. EntryPoint Capital LLC bought a new stake in IGM Biosciences in the 1st quarter worth approximately $152,000. XTX Topco Ltd boosted its stake in IGM Biosciences by 70.9% in the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after buying an additional 8,467 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after acquiring an additional 2,635 shares in the last quarter. 42.79% of the stock is owned by hedge funds and other institutional investors.

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.