IGM Biosciences (NASDAQ:IGMS) PT Lowered to $17.00 at Royal Bank of Canada

IGM Biosciences (NASDAQ:IGMS) had its price target lowered by Royal Bank of Canada from $20.00 to $17.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other research analysts have also issued reports on the stock. JPMorgan Chase & Co. lowered shares of IGM Biosciences from a neutral rating to an underweight rating and cut their price target for the company from $12.00 to $9.00 in a research note on Tuesday. Wedbush cut their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an outperform rating on the stock in a research note on Tuesday. HC Wainwright cut their price target on shares of IGM Biosciences from $12.00 to $11.00 and set a neutral rating on the stock in a research note on Thursday, September 5th. Finally, Truist Financial lowered shares of IGM Biosciences from a buy rating to a hold rating and cut their price target for the company from $24.00 to $12.00 in a research note on Tuesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, IGM Biosciences has an average rating of Hold and an average price target of $14.67.

IGM Biosciences Stock Up 3.5 %

NASDAQ:IGMS opened at $14.90 on Tuesday. IGM Biosciences has a 52 week low of $3.81 and a 52 week high of $22.50. The firm has a 50 day moving average of $11.75 and a 200 day moving average of $9.82. The stock has a market capitalization of $879.46 million, a price-to-earnings ratio of -3.46 and a beta of 0.21.

IGM Biosciences (NASDAQ:IGMS) last posted its earnings results on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.97). IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. The firm had revenue of $1.25 million for the quarter, compared to analysts’ expectations of $51.75 million. As a group, analysts expect that IGM Biosciences will post -3.13 EPS for the current year.

Insider Transactions at IGM Biosciences

In other news, Director Julie Hambleton sold 15,132 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total value of $211,848.00. Following the sale, the director now owns 2,000 shares in the company, valued at $28,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Julie Hambleton sold 15,132 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total value of $211,848.00. Following the sale, the director now owns 2,000 shares in the company, valued at $28,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $11.54, for a total transaction of $45,536.84. Following the completion of the sale, the chief executive officer now owns 250,124 shares in the company, valued at approximately $2,886,430.96. The disclosure for this sale can be found here. Insiders have sold 21,034 shares of company stock worth $279,957 over the last 90 days. 57.00% of the stock is currently owned by company insiders.

Institutional Trading of IGM Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC grew its position in IGM Biosciences by 71.4% during the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after buying an additional 4,961 shares during the period. AQR Capital Management LLC acquired a new stake in IGM Biosciences during the second quarter valued at $84,000. EntryPoint Capital LLC acquired a new stake in IGM Biosciences during the first quarter valued at $152,000. XTX Topco Ltd grew its position in IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after buying an additional 8,467 shares during the period. Finally, Rhumbline Advisers grew its position in IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after buying an additional 2,635 shares during the period. Institutional investors and hedge funds own 42.79% of the company’s stock.

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.