IGM Biosciences, Inc. (NASDAQ:IGMS) Receives $16.13 Consensus Target Price from Analysts

IGM Biosciences, Inc. (NASDAQ:IGMS) has been assigned an average rating of “Hold” from the eight analysts that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $16.13.

IGMS has been the subject of several recent research reports. HC Wainwright cut their price target on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Wedbush cut their target price on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a research note on Tuesday, October 1st. Guggenheim reduced their target price on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Truist Financial lowered shares of IGM Biosciences from a “buy” rating to a “hold” rating and lowered their price target for the company from $24.00 to $12.00 in a report on Tuesday, October 1st. Finally, Royal Bank of Canada raised their price objective on shares of IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, October 18th.

Insider Buying and Selling at IGM Biosciences

In other news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the completion of the transaction, the chief executive officer now owns 250,124 shares in the company, valued at approximately $2,886,430.96. The trade was a 1.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 5,902 shares of company stock worth $68,109 over the last ninety days. Corporate insiders own 57.00% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of IGMS. EntryPoint Capital LLC acquired a new position in IGM Biosciences in the first quarter worth $152,000. Price T Rowe Associates Inc. MD grew its holdings in IGM Biosciences by 19.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock worth $37,520,000 after acquiring an additional 628,001 shares during the last quarter. Baker BROS. Advisors LP increased its position in IGM Biosciences by 10.8% in the 1st quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock valued at $39,452,000 after acquiring an additional 397,311 shares in the last quarter. Redmile Group LLC increased its position in IGM Biosciences by 3.4% in the 1st quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock valued at $29,649,000 after acquiring an additional 100,936 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of IGM Biosciences in the first quarter worth about $758,000. 42.79% of the stock is owned by institutional investors and hedge funds.

IGM Biosciences Trading Up 0.6 %

Shares of IGM Biosciences stock opened at $9.46 on Wednesday. IGM Biosciences has a 1 year low of $4.72 and a 1 year high of $22.50. The company’s fifty day simple moving average is $14.39 and its 200-day simple moving average is $11.11. The company has a market cap of $562.49 million, a price-to-earnings ratio of -2.60 and a beta of 0.20.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings results on Friday, November 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The company had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. As a group, research analysts forecast that IGM Biosciences will post -3.28 earnings per share for the current fiscal 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.