IGM Biosciences (NASDAQ:IGMS) Shares Gap Down to $10.07

IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $10.07, but opened at $9.85. IGM Biosciences shares last traded at $9.94, with a volume of 15,541 shares changing hands.

Analysts Set New Price Targets

IGMS has been the subject of several recent analyst reports. Royal Bank of Canada raised shares of IGM Biosciences from a "sector perform" rating to an "outperform" rating and upped their target price for the company from $9.00 to $21.00 in a research note on Friday, February 9th. HC Wainwright restated a "neutral" rating and issued a $12.00 price objective on shares of IGM Biosciences in a research report on Thursday, April 18th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $17.44.

IGM Biosciences Stock Down 0.4 %

The company's fifty day moving average price is $9.80 and its two-hundred day moving average price is $9.05. The company has a market cap of $589.66 million, a price-to-earnings ratio of -2.09 and a beta of 0.27.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last announced its earnings results on Thursday, March 7th. The company reported ($1.01) earnings per share for the quarter, topping analysts' consensus estimates of ($1.06) by $0.05. The firm had revenue of $0.65 million during the quarter, compared to analyst estimates of $0.95 million. IGM Biosciences had a negative net margin of 11,568.83% and a negative return on equity of 103.20%. On average, equities research analysts predict that IGM Biosciences, Inc. will post -3.23 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Bros. Advisors Lp Baker acquired 270,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 26th. The stock was acquired at an average cost of $8.26 per share, for a total transaction of $2,230,200.00. Following the completion of the acquisition, the director now owns 3,638,533 shares in the company, valued at $30,054,282.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Fred Schwarzer sold 4,765 shares of the stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total transaction of $47,078.20. Following the completion of the transaction, the chief executive officer now directly owns 220,833 shares in the company, valued at approximately $2,181,830.04. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Bros. Advisors Lp Baker bought 270,000 shares of the stock in a transaction that occurred on Tuesday, March 26th. The stock was bought at an average cost of $8.26 per share, for a total transaction of $2,230,200.00. Following the transaction, the director now owns 3,638,533 shares of the company's stock, valued at approximately $30,054,282.58. The disclosure for this purchase can be found here. Insiders have sold a total of 8,191 shares of company stock worth $80,927 over the last three months. Corporate insiders own 56.91% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IGMS. Hudson Bay Capital Management LP acquired a new position in IGM Biosciences during the third quarter worth approximately $1,038,000. Nisa Investment Advisors LLC lifted its holdings in IGM Biosciences by 7,258.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,900 shares of the company's stock valued at $32,000 after purchasing an additional 3,847 shares during the last quarter. GSA Capital Partners LLP boosted its position in IGM Biosciences by 24.7% during the third quarter. GSA Capital Partners LLP now owns 133,276 shares of the company's stock worth $1,113,000 after purchasing an additional 26,358 shares during the period. Rhenman & Partners Asset Management AB boosted its position in IGM Biosciences by 275.0% during the third quarter. Rhenman & Partners Asset Management AB now owns 750,000 shares of the company's stock worth $6,262,000 after purchasing an additional 550,000 shares during the period. Finally, Exchange Traded Concepts LLC increased its holdings in shares of IGM Biosciences by 34.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 19,048 shares of the company's stock valued at $158,000 after purchasing an additional 4,830 shares during the last quarter. 42.79% of the stock is currently owned by institutional investors.

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.