Price T Rowe Associates Inc. MD Sells 445,260 Shares of IGM Biosciences, Inc. (NASDAQ:IGMS)

Price T Rowe Associates Inc. MD trimmed its position in IGM Biosciences, Inc. (NASDAQ:IGMS - Free Report) by 11.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,568,999 shares of the company's stock after selling 445,260 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 6.00% of IGM Biosciences worth $21,807,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Geode Capital Management LLC boosted its holdings in shares of IGM Biosciences by 7.6% during the third quarter. Geode Capital Management LLC now owns 395,799 shares of the company's stock valued at $6,548,000 after acquiring an additional 28,118 shares during the period. Charles Schwab Investment Management Inc. lifted its position in IGM Biosciences by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 157,843 shares of the company's stock valued at $964,000 after purchasing an additional 9,441 shares during the last quarter. Renaissance Technologies LLC boosted its stake in IGM Biosciences by 14.0% during the 4th quarter. Renaissance Technologies LLC now owns 75,800 shares of the company's stock valued at $463,000 after purchasing an additional 9,300 shares during the period. China Universal Asset Management Co. Ltd. bought a new position in IGM Biosciences in the 4th quarter worth about $44,000. Finally, Barclays PLC raised its holdings in shares of IGM Biosciences by 48.4% during the third quarter. Barclays PLC now owns 21,554 shares of the company's stock valued at $356,000 after buying an additional 7,027 shares during the last quarter. 42.79% of the stock is owned by institutional investors and hedge funds.

IGM Biosciences Trading Down 2.1 %

IGM Biosciences stock traded down $0.02 during trading hours on Wednesday, reaching $1.15. 30,974 shares of the company were exchanged, compared to its average volume of 327,827. IGM Biosciences, Inc. has a 12 month low of $0.92 and a 12 month high of $22.50. The firm has a market cap of $68.50 million, a price-to-earnings ratio of -0.31 and a beta of 0.61. The stock has a 50-day moving average of $1.25 and a 200 day moving average of $5.07.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last announced its earnings results on Thursday, March 6th. The company reported ($0.61) earnings per share for the quarter, beating the consensus estimate of ($0.74) by $0.13. The firm had revenue of $0.41 million during the quarter, compared to the consensus estimate of $0.39 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. As a group, research analysts forecast that IGM Biosciences, Inc. will post -3.35 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Stifel Nicolaus downgraded shares of IGM Biosciences from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $27.00 to $2.50 in a report on Friday, January 10th. Royal Bank of Canada lowered shares of IGM Biosciences from an "outperform" rating to a "sector perform" rating and reduced their price target for the stock from $20.00 to $1.50 in a research note on Friday, January 10th. Morgan Stanley lowered shares of IGM Biosciences from an "equal weight" rating to an "underweight" rating and lowered their price objective for the company from $12.00 to $2.00 in a research note on Friday, January 10th. BMO Capital Markets reaffirmed a "market perform" rating and set a $2.00 price target (down from $21.00) on shares of IGM Biosciences in a research note on Friday, January 10th. Finally, Jefferies Financial Group reissued a "hold" rating and issued a $2.00 price objective (down previously from $48.00) on shares of IGM Biosciences in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating and nine have assigned a hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $5.50.

IGM Biosciences 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.