IGM Biosciences (NASDAQ:IGMS) Trading Down 3.2%

IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report)'s stock price dropped 3.2% on Wednesday . The stock traded as low as $8.85 and last traded at $8.85. Approximately 3,602 shares were traded during trading, a decline of 99% from the average daily volume of 287,504 shares. The stock had previously closed at $9.14.

Wall Street Analysts Forecast Growth

IGMS has been the topic of a number of recent analyst reports. Bank of America downgraded shares of IGM Biosciences from a "buy" rating to a "neutral" rating and set a $8.00 price target on the stock. in a report on Friday, December 15th. HC Wainwright lowered shares of IGM Biosciences from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $11.00 to $7.00 in a research note on Thursday, December 7th. Finally, Royal Bank of Canada upgraded IGM Biosciences from a "sector perform" rating to an "outperform" rating and lifted their price target for the company from $9.00 to $21.00 in a research note on Friday, February 9th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $17.80.

IGM Biosciences Trading Down 1.2 %

The stock has a market cap of $530.87 million, a price-to-earnings ratio of -1.88 and a beta of 0.26. The firm's 50-day moving average is $11.94 and its two-hundred day moving average is $8.64.

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

Insider Activity at IGM Biosciences

In other IGM Biosciences news, Director Bros. Advisors Lp Baker purchased 270,000 shares of the firm's stock in a transaction dated Tuesday, March 26th. The shares were purchased at an average cost of $8.26 per share, with a total value of $2,230,200.00. Following the completion of the purchase, the director now owns 3,638,533 shares in the company, valued at approximately $30,054,282.58. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Fred Schwarzer sold 4,765 shares of IGM Biosciences stock in a transaction that occurred on Wednesday, March 13th. The stock was 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 in the company, valued at $2,181,830.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Bros. Advisors Lp Baker acquired 270,000 shares of the stock in a transaction on Tuesday, March 26th. The shares were bought at an average cost of $8.26 per share, for a total transaction of $2,230,200.00. Following the purchase, the director now directly 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. In the last ninety days, insiders sold 8,191 shares of company stock valued at $80,927. 56.91% of the stock is owned by insiders.

Institutional Investors Weigh In On IGM Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of IGMS. Price T Rowe Associates Inc. MD grew its stake in shares of IGM Biosciences by 0.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,260,022 shares of the company's stock valued at $27,091,000 after buying an additional 17,307 shares during the period. Goldman Sachs Group Inc. lifted its holdings in IGM Biosciences by 127.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,040,509 shares of the company's stock valued at $8,647,000 after acquiring an additional 583,516 shares during the last quarter. RA Capital Management L.P. purchased a new position in IGM Biosciences in the second quarter worth approximately $8,653,000. Vanguard Group Inc. increased its stake in IGM Biosciences by 29.1% during the third quarter. Vanguard Group Inc. now owns 900,007 shares of the company's stock worth $7,515,000 after acquiring an additional 202,719 shares during the last quarter. Finally, BlackRock Inc. raised its position in IGM Biosciences by 11.2% in the second quarter. BlackRock Inc. now owns 857,171 shares of the company's stock valued at $7,912,000 after purchasing an additional 86,575 shares during the period. 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.