IGM Biosciences, Inc. (NASDAQ:IGMS) Sees Large Decrease in Short Interest

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 trading volume, of 291,600 shares, the days-to-cover ratio is currently 11.6 days. Currently, 16.3% of the shares of the company are short sold.

Insider Buying and Selling at IGM Biosciences

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

Institutional Investors Weigh In On IGM Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of IGMS. Jacobs Levy Equity Management Inc. acquired a new position in shares of IGM Biosciences in the first quarter worth $758,000. Price T Rowe Associates Inc. MD raised its stake in 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 purchasing an additional 628,001 shares during the last quarter. Marshall Wace LLP lifted its holdings in IGM Biosciences by 51.6% in the 2nd quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock valued at $737,000 after purchasing an additional 36,491 shares in the last quarter. AQR Capital Management LLC acquired a new stake in shares of IGM Biosciences during the 2nd quarter worth about $84,000. Finally, TD Asset Management Inc grew its holdings in shares of IGM Biosciences by 3.4% during the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock worth $1,130,000 after buying an additional 5,350 shares in the last quarter. Hedge funds and other institutional investors own 42.79% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Stifel Nicolaus lifted their price objective on shares of IGM Biosciences from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Royal Bank of Canada boosted their price target on IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Guggenheim decreased their price objective on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. HC Wainwright lowered 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. Finally, JPMorgan Chase & Co. cut 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $16.13.

IGM Biosciences Price Performance

Shares of IGM Biosciences stock traded down $0.09 on Tuesday, hitting $9.13. The company’s stock had a trading volume of 28,508 shares, compared to its average volume of 308,414. IGM Biosciences has a 52-week low of $4.72 and a 52-week high of $22.50. The firm has a fifty day moving average price of $14.87 and a 200-day moving average price of $11.13.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings results on Friday, November 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The business had revenue of $0.52 million during the quarter, compared to analysts’ expectations of $0.23 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. On average, equities research analysts predict that IGM Biosciences will post -3.17 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.