IGM Biosciences (NASDAQ:IGMS) Shares Down 7.4% on Analyst Downgrade

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock price was down 7.4% during trading on Wednesday after Guggenheim lowered their price target on the stock from $25.00 to $20.00. Guggenheim currently has a buy rating on the stock. IGM Biosciences traded as low as $13.41 and last traded at $13.43. Approximately 61,664 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 321,265 shares. The stock had previously closed at $14.50.

A number of other brokerages also recently issued reports on IGMS. Truist Financial downgraded IGM Biosciences from a “buy” rating to a “hold” rating and decreased their price objective for the company from $24.00 to $12.00 in a research report on Tuesday. HC Wainwright cut their price objective on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. 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. Wedbush cut their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a report on Tuesday. Finally, Royal Bank of Canada decreased their price objective on shares of IGM Biosciences from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $14.67.

Insider Buying and Selling at IGM Biosciences

In related news, Director Julie Hambleton sold 15,132 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $14.00, for a total value of $211,848.00. Following the completion of the sale, the director now owns 2,000 shares in the company, valued at $28,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other IGM Biosciences news, Director Julie Hambleton sold 15,132 shares of IGM Biosciences stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $14.00, for a total value of $211,848.00. Following the transaction, the director now owns 2,000 shares in the company, valued at $28,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Fred Schwarzer sold 3,946 shares of the 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 sale, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at $2,886,430.96. The disclosure for this sale can be found here. Insiders sold a total of 21,034 shares of company stock valued at $279,957 in the last three months. Company insiders own 57.00% of the company’s stock.

Hedge Funds Weigh In On IGM Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of the company. Pennant Investors LP purchased a new position in shares of IGM Biosciences in the 4th quarter valued at approximately $539,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of IGM Biosciences during the first quarter worth $268,000. EntryPoint Capital LLC purchased a new stake in shares of IGM Biosciences during the first quarter valued at $152,000. Price T Rowe Associates Inc. MD increased its position 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 valued at $37,520,000 after acquiring an additional 628,001 shares during the period. Finally, Baker BROS. Advisors LP raised its stake in IGM Biosciences by 10.8% in the 1st quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock worth $39,452,000 after acquiring an additional 397,311 shares during the last quarter. 42.79% of the stock is owned by hedge funds and other institutional investors.

IGM Biosciences Trading Up 3.5 %

The stock has a 50-day simple moving average of $11.75 and a 200 day simple moving average of $9.82. The company has a market cap of $879.46 million, a price-to-earnings ratio of -3.46 and a beta of 0.21.

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

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.