IGM Biosciences, Inc. (NASDAQ:IGMS) Given Consensus Rating of “Hold” by Brokerages

IGM Biosciences, Inc. (NASDAQ:IGMS) has received an average recommendation of “Hold” from the eight analysts that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $16.13.

A number of analysts have weighed in on the company. Wedbush reduced their target price on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 1st. HC Wainwright reduced their target price on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Guggenheim reduced their target price on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Truist Financial lowered IGM Biosciences from a “buy” rating to a “hold” rating and reduced their target price for the stock from $24.00 to $12.00 in a research note on Tuesday, October 1st. Finally, JPMorgan Chase & Co. lowered 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 research note on Tuesday, October 1st.

Insider Transactions at IGM Biosciences

In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $11.54, for a total transaction of $45,536.84. Following the transaction, the chief executive officer now owns 250,124 shares of the company’s stock, 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 filing with the SEC, which is accessible through the SEC website. Insiders have sold 5,902 shares of company stock valued at $68,109 over the last ninety days. Insiders own 57.00% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

Several institutional investors and hedge funds have recently modified their holdings of IGMS. Price T Rowe Associates Inc. MD raised its holdings in shares of IGM Biosciences by 19.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock valued at $37,520,000 after buying an additional 628,001 shares during the period. Baker BROS. Advisors LP raised its holdings in shares of 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 buying an additional 397,311 shares during the period. Redmile Group LLC raised its holdings in shares of 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 buying an additional 100,936 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in shares of IGM Biosciences in the 1st quarter valued at $758,000. Finally, Renaissance Technologies LLC raised its holdings in shares of IGM Biosciences by 126.0% in the 2nd quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after buying an additional 60,593 shares during the period. Hedge funds and other institutional investors own 42.79% of the company’s stock.

IGM Biosciences Price Performance

IGMS stock opened at $9.54 on Wednesday. IGM Biosciences has a 1-year low of $4.72 and a 1-year high of $22.50. The company has a market capitalization of $567.25 million, a price-to-earnings ratio of -2.62 and a beta of 0.20. The business has a 50 day simple moving average of $14.84 and a two-hundred day simple moving average of $11.13.

IGM Biosciences (NASDAQ:IGMS) last posted its earnings results on Friday, November 8th. The company reported ($1.01) EPS for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). The firm had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.23 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. Sell-side analysts anticipate that IGM Biosciences will post -3.17 EPS 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.