IGM Biosciences (NASDAQ:IGMS) Shares Gap Down to $10.07

IGM Biosciences, Inc. (NASDAQ:IGMS) shares gapped down prior to trading on Monday . The stock had previously closed at $10.07, but opened at $9.85. IGM Biosciences shares last traded at $9.94, with a volume of 15,541 shares changing hands.

Wall Street Analyst Weigh In

IGMS has been the subject of a number of analyst reports. Royal Bank of Canada raised IGM Biosciences from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $9.00 to $21.00 in a report on Friday, February 9th. HC Wainwright reissued a “neutral” rating and issued a $12.00 price target on shares of IGM Biosciences in a report on Thursday, April 18th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $17.44.

IGM Biosciences Stock Down 0.4 %

The stock has a 50-day moving average of $9.88 and a 200 day moving average of $9.01. The stock has a market cap of $589.66 million, a PE ratio of -2.09 and a beta of 0.27.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings results on Thursday, March 7th. The company reported ($1.01) earnings per share 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 analysts’ expectations of $0.95 million. IGM Biosciences had a negative net margin of 11,568.83% and a negative return on equity of 103.20%. Research analysts forecast that IGM Biosciences, Inc. will post -3.23 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Bros. Advisors Lp Baker purchased 97,473 shares of IGM Biosciences stock in a transaction dated 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 purchase, the director now owns 3,753,480 shares of the company’s stock, valued at $36,108,477.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other IGM Biosciences news, CEO Fred Schwarzer sold 4,765 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were 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 sale was disclosed in a legal filing 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 stock in a transaction dated Thursday, March 28th. The stock was acquired at an average cost of $9.62 per share, with a total value of $937,690.26. Following the purchase, the director now 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 sold a total of 8,191 shares of company stock valued at $80,927 over the last quarter. 56.91% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Nisa Investment Advisors LLC boosted its holdings in shares of IGM Biosciences by 7,258.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,900 shares of the company’s stock valued at $32,000 after buying an additional 3,847 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of IGM Biosciences by 34.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 19,048 shares of the company’s stock valued at $158,000 after acquiring an additional 4,830 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in IGM Biosciences in the 3rd quarter valued at $50,000. Pale Fire Capital SE acquired a new stake in IGM Biosciences during the 3rd quarter worth $105,000. Finally, GSA Capital Partners LLP increased its stake in IGM Biosciences by 24.7% in the third 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 during the period. 42.79% of the stock is owned by institutional investors and hedge funds.

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.