IGM Biosciences (NASDAQ:IGMS) Given Neutral Rating at HC Wainwright

HC Wainwright reiterated their neutral rating on shares of IGM Biosciences (NASDAQ:IGMSFree Report) in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a $12.00 target price on the stock.

IGMS has been the topic of several other research reports. Royal Bank of Canada raised IGM Biosciences from a sector perform rating to an outperform rating and lifted their price target for the stock from $9.00 to $21.00 in a research report on Friday, February 9th. Wedbush restated an outperform rating and issued a $20.00 price target on shares of IGM Biosciences in a research report on Thursday, May 9th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $17.89.

Read Our Latest Stock Report on IGM Biosciences

IGM Biosciences Price Performance

Shares of NASDAQ IGMS traded down $0.49 during midday trading on Friday, hitting $9.55. 196,359 shares of the company’s stock were exchanged, compared to its average volume of 419,256. The firm’s fifty day simple moving average is $9.15 and its 200-day simple moving average is $9.48. The company has a market cap of $563.64 million, a PE ratio of -2.22 and a beta of 0.27. IGM Biosciences has a twelve month low of $3.81 and a twelve month high of $17.70.

IGM Biosciences (NASDAQ:IGMSGet Free Report) last announced its quarterly earnings results on Thursday, March 7th. The company reported ($1.01) EPS for the quarter, topping the consensus estimate of ($1.06) by $0.05. IGM Biosciences had a negative net margin of 11,255.25% and a negative return on equity of 108.07%. The firm had revenue of $0.65 million for the quarter, compared to analyst estimates of $0.95 million. Equities analysts anticipate that IGM Biosciences will post -2.47 EPS for the current fiscal year.

Insiders Place Their Bets

In other IGM Biosciences news, Director Bros. Advisors Lp Baker acquired 270,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 26th. The shares were acquired at an average cost of $8.26 per share, for a total transaction of $2,230,200.00. Following the transaction, the director now directly owns 3,638,533 shares of the company’s stock, valued at $30,054,282.58. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Bros. Advisors Lp Baker purchased 270,000 shares of the business’s stock in a transaction dated Tuesday, March 26th. The stock was bought at an average cost of $8.26 per share, with a total value of $2,230,200.00. Following the completion of the acquisition, the director now directly 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 can be accessed through the SEC website. Also, CEO Fred Schwarzer sold 4,765 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $9.88, for a total transaction of $47,078.20. Following the sale, the chief executive officer now directly owns 220,833 shares in the company, valued at $2,181,830.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 8,191 shares of company stock worth $80,927. 57.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On IGM Biosciences

Hedge funds have recently made changes to their positions in the business. Baker BROS. Advisors LP lifted its position in IGM Biosciences by 10.8% during the first quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock worth $39,452,000 after buying an additional 397,311 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of IGM Biosciences by 19.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock worth $37,520,000 after buying an additional 628,001 shares during the last quarter. Redmile Group LLC increased its stake in IGM Biosciences by 3.4% during the first quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock worth $29,649,000 after acquiring an additional 100,936 shares during the last quarter. Rhenman & Partners Asset Management AB raised its holdings in shares of IGM Biosciences by 275.0% in the 3rd 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 period. Finally, GSA Capital Partners LLP lifted its stake in shares of IGM Biosciences by 24.7% in the 3rd quarter. GSA Capital Partners LLP now owns 133,276 shares of the company’s stock valued at $1,113,000 after purchasing an additional 26,358 shares in the last quarter. Institutional investors and hedge funds own 42.79% of the company’s stock.

IGM Biosciences Company Profile

(Get Free Report)

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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Analyst Recommendations for IGM Biosciences (NASDAQ:IGMS)

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