IGM Biosciences (NASDAQ:IGMS) Stock Price Down 4.9%

IGM Biosciences, Inc. (NASDAQ:IGMS) traded down 4.9% on Wednesday . The stock traded as low as $8.69 and last traded at $8.75. 63,782 shares were traded during trading, a decline of 77% from the average session volume of 273,465 shares. The stock had previously closed at $9.20.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Royal Bank of Canada upgraded IGM Biosciences from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $9.00 to $21.00 in a report on Friday, February 9th. HC Wainwright reaffirmed a “neutral” rating and issued a $12.00 price target on shares of IGM Biosciences in a research report on Thursday. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, IGM Biosciences has an average rating of “Moderate Buy” and an average price target of $17.44.

IGM Biosciences Stock Performance

The business has a 50-day moving average of $11.33 and a two-hundred day moving average of $8.72.

IGM Biosciences (NASDAQ:IGMS) last released its earnings results on Thursday, March 7th. The company reported ($1.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.05. IGM Biosciences had a negative return on equity of 103.20% and a negative net margin of 11,568.83%. The business had revenue of $0.65 million for the quarter, compared to the consensus estimate of $0.95 million. Analysts anticipate that IGM Biosciences, Inc. will post -3.23 EPS for the current year.

Insider Buying and Selling

In other news, Director Bros. Advisors Lp Baker bought 97,473 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were acquired at an average cost of $9.62 per share, with a total value of $937,690.26. Following the completion of the transaction, the director now directly owns 3,753,480 shares in the company, valued at $36,108,477.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other IGM Biosciences news, CFO Misbah Tahir sold 2,897 shares of IGM Biosciences stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $9.88, for a total transaction of $28,622.36. Following the sale, the chief financial officer now directly owns 92,961 shares of the company’s stock, valued at $918,454.68. The transaction 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 acquired 97,473 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were bought at an average cost of $9.62 per share, for a total transaction of $937,690.26. Following the completion of the acquisition, the director now directly owns 3,753,480 shares of the company’s stock, valued at approximately $36,108,477.60. The disclosure for this purchase can be found here. Insiders have sold a total of 8,191 shares of company stock valued at $80,927 over the last three months. 56.91% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IGM Biosciences

A number of institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its holdings in IGM Biosciences by 0.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,260,022 shares of the company’s stock valued at $27,091,000 after purchasing an additional 17,307 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of IGM Biosciences by 127.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,040,509 shares of the company’s stock valued at $8,647,000 after acquiring an additional 583,516 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of IGM Biosciences by 29.1% in the third quarter. Vanguard Group Inc. now owns 900,007 shares of the company’s stock valued at $7,515,000 after acquiring an additional 202,719 shares during the last quarter. BlackRock Inc. raised its stake in shares of IGM Biosciences by 11.2% in the second quarter. BlackRock Inc. now owns 857,171 shares of the company’s stock valued at $7,912,000 after acquiring an additional 86,575 shares during the last quarter. Finally, FMR LLC raised its stake in shares of IGM Biosciences by 22.4% in the first quarter. FMR LLC now owns 845,591 shares of the company’s stock valued at $11,618,000 after acquiring an additional 154,633 shares during the last quarter. 42.79% of the stock is owned by institutional investors and hedge funds.

IGM Biosciences Company 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.