IGM Biosciences (NASDAQ:IGMS) Shares Down 7.8% – Here’s Why

IGM Biosciences, Inc. (NASDAQ:IGMS) shares were down 7.8% on Friday . The company traded as low as $12.82 and last traded at $13.25. Approximately 108,339 shares changed hands during trading, a decline of 65% from the average daily volume of 307,457 shares. The stock had previously closed at $14.37.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. HC Wainwright reduced 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 report on Thursday, September 5th. JPMorgan Chase & Co. downgraded IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $12.00 to $9.00 in a report on Tuesday, October 1st. Guggenheim lowered their target price on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Royal Bank of Canada lifted their price target on IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Finally, Wedbush decreased their price objective on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $15.00.

IGM Biosciences Stock Down 9.0 %

The company’s fifty day moving average price is $14.66 and its 200-day moving average price is $10.96. The stock has a market capitalization of $775.31 million, a PE ratio of -3.58 and a beta of 0.20.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) earnings per share (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 company had revenue of $1.25 million for the quarter, compared to analysts’ expectations of $51.75 million. Equities research analysts anticipate that IGM Biosciences, Inc. will post -3.17 earnings per share for the current year.

Insider Activity

In related news, CEO Fred Schwarzer sold 3,946 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were 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 of the company’s stock, valued at $2,886,430.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 5,902 shares of company stock worth $68,109 over the last three months. 57.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IGM Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC raised its position in shares of IGM Biosciences by 71.4% during the 2nd 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 in the last quarter. AQR Capital Management LLC purchased a new stake in shares of IGM Biosciences in the 2nd quarter worth $84,000. XTX Topco Ltd lifted its position in shares of IGM Biosciences by 70.9% in the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after purchasing an additional 8,467 shares during the period. EntryPoint Capital LLC bought a new position in shares of IGM Biosciences in the 1st quarter worth $152,000. Finally, Rhumbline Advisers lifted 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 acquiring an additional 2,635 shares during the last quarter. 42.79% of the stock is owned by hedge funds and other institutional investors.

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.