HC Wainwright Reaffirms Neutral Rating for IGM Biosciences (NASDAQ:IGMS)

IGM Biosciences (NASDAQ:IGMS)‘s stock had its “neutral” rating restated by investment analysts at HC Wainwright in a note issued to investors on Friday, Benzinga reports. They presently have a $12.00 price objective on the stock. HC Wainwright’s target price points to a potential upside of 19.46% from the company’s previous close.

IGMS has been the topic of a number of other research reports. Royal Bank of Canada raised IGM Biosciences from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $9.00 to $21.00 in a research note on Friday, February 9th. Wedbush restated an “outperform” rating and issued a $20.00 price target on shares of IGM Biosciences in a report on Thursday, May 9th. 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 an average target price of $17.89.

IGM Biosciences Trading Down 12.4 %

IGM Biosciences stock opened at $10.05 on Friday. The stock has a 50-day moving average price of $9.17 and a 200 day moving average price of $9.45. IGM Biosciences has a 52 week low of $3.81 and a 52 week high of $17.70. The stock has a market cap of $592.86 million, a PE ratio of -2.33 and a beta of 0.27.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings results on Thursday, March 7th. The company reported ($1.01) EPS for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.05. The business had revenue of $0.65 million during the quarter, compared to the consensus estimate of $0.95 million. IGM Biosciences had a negative net margin of 11,255.25% and a negative return on equity of 108.07%. On average, equities analysts predict that IGM Biosciences will post -2.47 EPS for the current year.

Insider Buying and Selling

In other IGM Biosciences news, Director Bros. Advisors Lp Baker purchased 97,473 shares of IGM Biosciences stock in a transaction on Thursday, March 28th. The shares were purchased 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 approximately $36,108,477.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other IGM Biosciences news, CEO Fred Schwarzer sold 4,765 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $9.88, for a total value of $47,078.20. Following the completion of the transaction, the chief executive officer now owns 220,833 shares in the company, valued at approximately $2,181,830.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bros. Advisors Lp Baker acquired 97,473 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were purchased at an average price of $9.62 per share, for a total transaction of $937,690.26. Following the purchase, the director now directly owns 3,753,480 shares of the company’s stock, valued at $36,108,477.60. The disclosure for this purchase can be found here. In the last quarter, insiders sold 8,191 shares of company stock valued at $80,927. 57.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IGM Biosciences

A number of large investors have recently added to or reduced their stakes in IGMS. Hudson Bay Capital Management LP acquired a new stake in shares of IGM Biosciences during the third quarter valued at about $1,038,000. Nisa Investment Advisors LLC grew its stake in IGM Biosciences by 7,258.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,900 shares of the company’s stock valued at $32,000 after purchasing an additional 3,847 shares in the last quarter. GSA Capital Partners LLP increased its holdings in IGM Biosciences by 24.7% during the 3rd quarter. GSA Capital Partners LLP now owns 133,276 shares of the company’s stock worth $1,113,000 after purchasing an additional 26,358 shares during the last quarter. Rhenman & Partners Asset Management AB raised its position 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 valued at $6,262,000 after purchasing an additional 550,000 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in shares of IGM Biosciences by 34.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 19,048 shares of the company’s stock valued at $158,000 after buying an additional 4,830 shares during the last quarter. 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.