IGM Biosciences, Inc. (NASDAQ:IGMS) Short Interest Down 8.4% in October

IGM Biosciences, Inc. (NASDAQ:IGMS) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 3,370,000 shares, a decline of 8.4% from the October 15th total of 3,680,000 shares. Based on an average daily volume of 291,600 shares, the days-to-cover ratio is currently 11.6 days. Approximately 16.3% of the company’s shares are short sold.

IGM Biosciences Price Performance

Shares of IGMS traded down $0.25 during trading hours on Monday, hitting $9.22. The stock had a trading volume of 262,270 shares, compared to its average volume of 309,670. IGM Biosciences has a 1-year low of $4.72 and a 1-year high of $22.50. The firm has a market capitalization of $546.92 million, a P/E ratio of -2.53 and a beta of 0.20. The firm has a 50 day simple moving average of $14.89 and a 200-day simple moving average of $11.13.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data on Friday, November 8th. The company reported ($1.01) 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 during the quarter, compared to analyst estimates of $0.23 million. Equities analysts predict that IGM Biosciences will post -3.17 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Fred Schwarzer sold 3,946 shares of the firm’s 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 completion of the transaction, the chief executive officer now directly owns 250,124 shares in the company, valued at $2,886,430.96. This trade represents a 1.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 5,902 shares of company stock valued at $68,109 over the last 90 days. 57.00% of the stock is owned by insiders.

Institutional Trading of IGM Biosciences

Hedge funds have recently bought and sold shares of the business. Quest Partners LLC lifted its stake in shares of IGM Biosciences by 71.4% in the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after buying an additional 4,961 shares in the last quarter. AQR Capital Management LLC acquired a new stake in shares of IGM Biosciences in the 2nd quarter worth about $84,000. XTX Topco Ltd lifted its position in IGM Biosciences by 70.9% in the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after acquiring an additional 8,467 shares in the last quarter. MetLife Investment Management LLC acquired a new position in IGM Biosciences during the 3rd quarter valued at about $149,000. Finally, EntryPoint Capital LLC acquired a new position in IGM Biosciences during the 1st quarter valued at about $152,000. Institutional investors and hedge funds own 42.79% of the company’s stock.

Wall Street Analyst Weigh In

IGMS has been the subject of several analyst reports. Wedbush lowered their price target 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. Royal Bank of Canada lifted their target price on shares of IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Truist Financial cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their price target for the company from $24.00 to $12.00 in a research report on Tuesday, October 1st. JPMorgan Chase & Co. lowered IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their target price for the company from $12.00 to $9.00 in a research report on Tuesday, October 1st. Finally, Stifel Nicolaus lifted their target price on IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, IGM Biosciences presently has an average rating of “Hold” and a consensus price target of $16.13.

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.