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

IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report) saw a significant growth in short interest in April. As of April 30th, there was short interest totalling 6,240,000 shares, a growth of 18.9% from the April 15th total of 5,250,000 shares. Based on an average daily volume of 289,500 shares, the short-interest ratio is currently 21.6 days. Currently, 29.9% of the company's stock are sold short.

Insider Activity at IGM Biosciences

In other news, Director Bros. Advisors Lp Baker acquired 97,473 shares of the firm's stock in a transaction on Thursday, March 28th. The stock was purchased at an average price of $9.62 per share, for a total transaction of $937,690.26. Following the purchase, the director now owns 3,753,480 shares in the company, valued at approximately $36,108,477.60. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In other IGM Biosciences news, Director Bros. Advisors Lp Baker bought 97,473 shares of the stock in a transaction dated Thursday, March 28th. The shares were bought at an average cost of $9.62 per share, for a total transaction of $937,690.26. Following the purchase, the director now directly owns 3,753,480 shares of the company's stock, valued at approximately $36,108,477.60. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 transaction, the chief executive officer now owns 220,833 shares of the company's stock, valued at approximately $2,181,830.04. The disclosure for this sale can be found here. Insiders have sold 8,191 shares of company stock valued at $80,927 over the last ninety days. Corporate insiders own 56.91% of the company's stock.

Institutional Trading of IGM Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of IGMS. Nisa Investment Advisors LLC grew its stake in shares of IGM Biosciences by 7,258.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 3,900 shares of the company's stock worth $32,000 after purchasing an additional 3,847 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of IGM Biosciences in the 3rd quarter worth approximately $50,000. Pale Fire Capital SE purchased a new position in shares of IGM Biosciences during the third quarter valued at approximately $105,000. EntryPoint Capital LLC bought a new position in shares of IGM Biosciences during the first quarter valued at approximately $152,000. Finally, Exchange Traded Concepts LLC lifted its stake in IGM Biosciences by 34.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 19,048 shares of the company's stock worth $158,000 after acquiring an additional 4,830 shares during the period. Institutional investors own 42.79% of the company's stock.

Wall Street Analysts Forecast Growth

IGMS has been the subject of several recent research reports. Wedbush reissued an "outperform" rating and issued a $20.00 price objective on shares of IGM Biosciences in a report on Thursday, May 9th. Royal Bank of Canada raised shares of IGM Biosciences from a "sector perform" rating to an "outperform" rating and boosted their price target for the company from $9.00 to $21.00 in a research report on Friday, February 9th. Finally, HC Wainwright reiterated a "neutral" rating and issued a $12.00 price objective on shares of IGM Biosciences in a research note on Thursday, April 18th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $17.89.

IGM Biosciences Stock Down 0.8 %

Shares of NASDAQ IGMS traded down $0.07 during mid-day trading on Tuesday, reaching $9.20. 145,852 shares of the company were exchanged, compared to its average volume of 284,193. IGM Biosciences has a 52 week low of $3.81 and a 52 week high of $17.70. The stock has a market capitalization of $540.87 million, a PE ratio of -2.23 and a beta of 0.27. The company's 50 day moving average price is $9.45 and its 200 day moving average price is $9.23.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last posted its quarterly earnings data on Thursday, March 7th. The company reported ($1.01) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.06) by $0.05. The company had revenue of $0.65 million during the quarter, compared to the consensus estimate of $0.95 million. IGM Biosciences had a negative net margin of 11,255.25% and a negative return on equity of 108.07%. On average, sell-side analysts predict that IGM Biosciences will post -3.22 earnings per share for the current 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.