IGM Biosciences (NASDAQ:IGMS) PT Lowered to $17.00 at Royal Bank of Canada

IGM Biosciences (NASDAQ:IGMS) had its price objective lowered by Royal Bank of Canada from $20.00 to $17.00 in a research report released on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

IGMS has been the topic of several other reports. JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a neutral rating to an underweight rating and decreased their price target for the stock from $12.00 to $9.00 in a research note on Tuesday. Wedbush decreased their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an outperform rating on the stock in a research note on Tuesday. Truist Financial downgraded shares of IGM Biosciences from a buy rating to a hold rating and decreased their price target for the stock from $24.00 to $12.00 in a research note on Tuesday. Finally, HC Wainwright decreased their price target on shares of IGM Biosciences from $12.00 to $11.00 and set a neutral rating on the stock in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $14.67.

IGM Biosciences Stock Up 3.5 %

IGMS opened at $14.90 on Tuesday. 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 has a 52-week low of $3.81 and a 52-week high of $22.50. The firm’s fifty day simple moving average is $11.75 and its two-hundred day simple moving average is $9.82.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.97). The company had revenue of $1.25 million for the quarter, compared to analysts’ expectations of $51.75 million. IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. On average, research analysts forecast that IGM Biosciences will post -3.13 EPS for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On IGM Biosciences

A number of institutional investors have recently made changes to their positions in IGMS. Price T Rowe Associates Inc. MD increased its position in shares of IGM Biosciences by 19.3% during the first 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 last quarter. Baker BROS. Advisors LP increased its position in shares of IGM Biosciences by 10.8% during the first quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock valued at $39,452,000 after acquiring an additional 397,311 shares during the last quarter. Redmile Group LLC grew its holdings in shares of IGM Biosciences by 3.4% in the first quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock valued at $29,649,000 after purchasing an additional 100,936 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of IGM Biosciences in the first quarter valued at approximately $758,000. Finally, Pennant Investors LP acquired a new position in shares of IGM Biosciences in the fourth quarter valued at approximately $539,000. 42.79% of the stock is currently owned by institutional investors and hedge funds.

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.