IGM Biosciences (NASDAQ:IGMS) Shares Up 5.5%

IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report)'s share price shot up 5.5% on Wednesday . The stock traded as high as $9.86 and last traded at $9.71. 46,884 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 281,638 shares. The stock had previously closed at $9.20.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on IGMS. HC Wainwright restated a "neutral" rating and issued a $12.00 price target on shares of IGM Biosciences in a research note on Thursday, April 18th. Wedbush reaffirmed an "outperform" rating and issued a $20.00 price objective on shares of IGM Biosciences in a research report on Thursday, May 9th. Finally, Royal Bank of Canada raised IGM Biosciences from a "sector perform" rating to an "outperform" rating and upped their price objective for the company from $9.00 to $21.00 in a research report on Friday, February 9th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $17.89.

IGM Biosciences Trading Up 3.2 %

The firm has a market cap of $557.89 million, a PE ratio of -2.27 and a beta of 0.27. The stock has a 50 day simple moving average of $9.39 and a 200-day simple moving average of $9.27.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last issued its quarterly earnings results 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. IGM Biosciences had a negative return on equity of 108.07% and a negative net margin of 11,255.25%. The business had revenue of $0.65 million during the quarter, compared to analyst estimates of $0.95 million. On average, equities research analysts expect that IGM Biosciences, Inc. will post -3.08 EPS for the current year.

Insiders Place Their Bets

In other IGM Biosciences news, CFO Misbah Tahir sold 2,897 shares of the firm's stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total value of $28,622.36. Following the completion of the sale, the chief financial officer now owns 92,961 shares of the company's stock, valued at $918,454.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Fred Schwarzer sold 4,765 shares of IGM Biosciences stock in a transaction that occurred on 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 sale, the chief executive officer now owns 220,833 shares of the company's stock, valued at $2,181,830.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Misbah Tahir sold 2,897 shares of IGM Biosciences stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total transaction of $28,622.36. Following the sale, the chief financial officer now directly owns 92,961 shares of the company's stock, valued at approximately $918,454.68. The disclosure for this sale can be found here. Insiders sold a total of 8,191 shares of company stock valued at $80,927 over the last 90 days. Insiders own 56.91% of the company's stock.

Hedge Funds Weigh In On IGM Biosciences

Institutional investors have recently bought and sold shares of the business. Hudson Bay Capital Management LP purchased a new position in IGM Biosciences during the third quarter valued at approximately $1,038,000. Nisa Investment Advisors LLC grew its holdings in 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. GSA Capital Partners LLP grew its holdings in IGM Biosciences by 24.7% in 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 last quarter. Rhenman & Partners Asset Management AB grew its holdings in IGM Biosciences by 275.0% in 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 last quarter. Finally, Exchange Traded Concepts LLC grew its holdings 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 purchasing an additional 4,830 shares during the last quarter. 42.79% of the stock is owned by hedge funds and other 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.

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