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

Price T Rowe Associates Inc. MD decreased its position in IGM Biosciences, Inc. (NASDAQ:IGMS - Free Report) by 11.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,568,999 shares of the company's stock after selling 445,260 shares during the period. Price T Rowe Associates Inc. MD owned about 6.00% of IGM Biosciences worth $21,807,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Renaissance Technologies LLC lifted its holdings in IGM Biosciences by 14.0% in 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 in the last quarter. Geode Capital Management LLC lifted its stake in IGM Biosciences by 3.4% during the fourth quarter. Geode Capital Management LLC now owns 409,133 shares of the company's stock worth $2,501,000 after purchasing an additional 13,334 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of IGM Biosciences by 6.4% in the fourth 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 period. China Universal Asset Management Co. Ltd. acquired a new stake in shares of IGM Biosciences in the fourth quarter valued at $44,000. Finally, Barclays PLC raised its holdings in IGM Biosciences by 48.4% in the third quarter. Barclays PLC now owns 21,554 shares of the company's stock valued at $356,000 after acquiring an additional 7,027 shares in the last quarter. Institutional investors and hedge funds own 42.79% of the company's stock.

Wall Street Analyst Weigh In

IGMS has been the topic of a number of research analyst reports. Jefferies Financial Group reissued a "hold" rating and set a $2.00 price objective (down previously from $48.00) on shares of IGM Biosciences in a report on Friday, January 10th. BMO Capital Markets reaffirmed a "market perform" rating and set a $2.00 price objective (down previously from $21.00) on shares of IGM Biosciences in a report on Friday, January 10th. Stifel Nicolaus downgraded IGM Biosciences from a "buy" rating to a "hold" rating and reduced their target price for the company from $27.00 to $2.50 in a report on Friday, January 10th. Guggenheim downgraded IGM Biosciences from a "buy" rating to a "neutral" rating in a research note on Friday, January 10th. Finally, Morgan Stanley cut IGM Biosciences from an "equal weight" rating to an "underweight" rating and reduced their price objective for the company from $12.00 to $2.00 in a research note on Friday, January 10th. One research analyst has rated the stock with a sell rating and nine have issued a hold rating to the stock. According to data from MarketBeat, IGM Biosciences currently has a consensus rating of "Hold" and an average target price of $5.50.

IGM Biosciences Stock Down 4.4 %

Shares of NASDAQ IGMS traded down $0.06 during midday trading on Monday, hitting $1.29. The stock had a trading volume of 51,256 shares, compared to its average volume of 328,722. IGM Biosciences, Inc. has a 1-year low of $0.92 and a 1-year high of $22.50. The company has a market capitalization of $77.11 million, a price-to-earnings ratio of -0.35 and a beta of 0.61. The company has a fifty day moving average price of $1.25 and a 200 day moving average price of $5.20.

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

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.