IGM Biosciences (NASDAQ:IGMS) Shares Gap Down – Time to Sell?

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $8.89, but opened at $8.51. IGM Biosciences shares last traded at $8.92, with a volume of 62,293 shares.

Wall Street Analyst Weigh In

Several analysts recently weighed in on IGMS shares. JPMorgan Chase & Co. downgraded IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $12.00 to $9.00 in a research note on Tuesday, October 1st. HC Wainwright cut their target price on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Stifel Nicolaus lifted their price target on IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Royal Bank of Canada increased their price objective 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. Finally, Truist Financial cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and decreased their target price for the stock from $24.00 to $12.00 in a report on Tuesday, October 1st. One equities 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. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $16.13.

IGM Biosciences Stock Performance

The firm has a market cap of $537.52 million, a P/E ratio of -2.44 and a beta of 0.20. The firm’s fifty day simple moving average is $14.75 and its 200 day simple moving average is $11.10.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly 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). 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. On average, equities research analysts predict that IGM Biosciences, Inc. will post -3.28 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Fred Schwarzer sold 3,946 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the sale, the chief executive officer now directly owns 250,124 shares in the company, valued at $2,886,430.96. The trade was a 1.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders have sold 5,902 shares of company stock worth $68,109. Insiders own 57.00% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

Several institutional investors have recently modified their holdings of IGMS. Jacobs Levy Equity Management Inc. bought a new stake in IGM Biosciences in the first quarter worth $758,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of IGM Biosciences by 19.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock worth $37,520,000 after acquiring an additional 628,001 shares during the last quarter. Marshall Wace LLP boosted its stake in shares of IGM Biosciences by 51.6% during the 2nd quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock worth $737,000 after purchasing an additional 36,491 shares during the period. AQR Capital Management LLC bought a new position in IGM Biosciences during the 2nd quarter valued at about $84,000. Finally, TD Asset Management Inc lifted its stake in IGM Biosciences by 3.4% in 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 during the last quarter. 42.79% of the stock is owned by 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.