IGM Biosciences (NASDAQ:IGMS) PT Lowered to $20.00 at Guggenheim

IGM Biosciences (NASDAQ:IGMS) had its target price cut by Guggenheim from $25.00 to $20.00 in a research report released on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also recently weighed in on the company. Truist Financial cut IGM Biosciences from a buy rating to a hold rating and dropped their price target 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 target price for the stock from $12.00 to $9.00 in a research report on Tuesday. HC Wainwright lowered their price target on shares of IGM Biosciences from $12.00 to $11.00 and set a neutral rating for the company in a research report on Thursday, September 5th. Wedbush dropped their price objective 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 target on IGM Biosciences from $20.00 to $17.00 and set an outperform rating for the company in a research note on Tuesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus target price of $14.67.

IGM Biosciences Price Performance

Shares of IGM Biosciences stock opened at $15.41 on Tuesday. IGM Biosciences has a 1-year low of $3.81 and a 1-year high of $22.50. The company has a market capitalization of $909.56 million, a PE ratio of -3.58 and a beta of 0.21. The business has a 50-day moving average of $11.83 and a 200-day moving average of $9.85.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) earnings per share 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 business had revenue of $1.25 million for the quarter, compared to analyst estimates of $51.75 million. On average, equities analysts expect that IGM Biosciences will post -3.13 earnings per share for the current fiscal year.

Insider Transactions 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 completion of the sale, the director now directly owns 2,000 shares of the company’s stock, valued at $28,000. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Julie Hambleton sold 15,132 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were 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 approximately $28,000. This trade represents a 0.00 % 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. Also, 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 owns 250,124 shares of the company’s stock, valued at $2,886,430.96. This trade represents a 0.00 % decrease in their ownership of the stock. 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. 57.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IGM Biosciences

A number of large investors have recently bought and sold shares of the business. Quest Partners LLC raised its holdings 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 buying an additional 4,961 shares in the last quarter. AQR Capital Management LLC acquired a new position in shares of IGM Biosciences during the 2nd quarter valued at about $84,000. XTX Topco Ltd raised its stake in shares of 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. EntryPoint Capital LLC acquired a new stake in IGM Biosciences in the 1st quarter worth approximately $152,000. Finally, Rhumbline Advisers lifted its holdings in IGM Biosciences by 13.1% in the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after purchasing an additional 2,635 shares during the last quarter. 42.79% of the stock is currently 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.