IGM Biosciences, Inc. (NASDAQ:IGMS) Short Interest Update

IGM Biosciences, Inc. (NASDAQ:IGMS) was the recipient of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 5,220,000 shares, a growth of 9.7% from the March 15th total of 4,760,000 shares. Approximately 25.1% of the company’s shares are short sold. Based on an average daily volume of 281,700 shares, the short-interest ratio is currently 18.5 days.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada raised IGM Biosciences from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $9.00 to $21.00 in a research note on Friday, February 9th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.89.

Insider Transactions at IGM Biosciences

In other news, Director Bros. Advisors Lp Baker bought 270,000 shares of the business’s stock in a transaction dated Tuesday, March 26th. The shares were purchased at an average price of $8.26 per share, for a total transaction of $2,230,200.00. Following the completion of the acquisition, the director now owns 3,638,533 shares of the company’s stock, valued at $30,054,282.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Fred Schwarzer sold 4,765 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total value 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bros. Advisors Lp Baker purchased 270,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 26th. The stock was acquired at an average cost of $8.26 per share, with a total value of $2,230,200.00. Following the purchase, the director now directly owns 3,638,533 shares of the company’s stock, valued at $30,054,282.58. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 8,191 shares of company stock worth $80,927. Insiders own 56.91% of the company’s stock.

Hedge Funds Weigh In On IGM Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in IGMS. Ensign Peak Advisors Inc raised its position in shares of IGM Biosciences by 27.7% in the 3rd quarter. Ensign Peak Advisors Inc now owns 1,890 shares of the company’s stock worth $43,000 after purchasing an additional 410 shares during the last quarter. California State Teachers Retirement System raised its position in shares of IGM Biosciences by 5.1% in the 3rd quarter. California State Teachers Retirement System now owns 12,429 shares of the company’s stock worth $283,000 after purchasing an additional 606 shares during the last quarter. American International Group Inc. raised its position in shares of IGM Biosciences by 15.0% in the 2nd quarter. American International Group Inc. now owns 4,684 shares of the company’s stock worth $84,000 after purchasing an additional 612 shares during the last quarter. UBS Group AG raised its position in shares of IGM Biosciences by 21.5% in the 1st quarter. UBS Group AG now owns 4,808 shares of the company’s stock worth $66,000 after purchasing an additional 850 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of IGM Biosciences by 0.7% in the 4th quarter. Northern Trust Corp now owns 136,796 shares of the company’s stock worth $1,137,000 after purchasing an additional 1,013 shares during the last quarter. Hedge funds and other institutional investors own 42.79% of the company’s stock.

IGM Biosciences Price Performance

Shares of IGM Biosciences stock opened at $9.41 on Tuesday. The business has a fifty day simple moving average of $11.55 and a two-hundred day simple moving average of $8.73. IGM Biosciences has a 12 month low of $3.81 and a 12 month high of $17.70.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data on Thursday, March 7th. The company reported ($1.01) EPS for the quarter, beating the consensus estimate of ($1.06) by $0.05. The business had revenue of $0.65 million during the quarter, compared to analyst estimates 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, sell-side analysts anticipate that IGM Biosciences will post -3.23 earnings per share for the current year.

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.