IGM Biosciences (NASDAQ:IGMS) Given “Neutral” Rating at HC Wainwright

HC Wainwright reiterated their neutral rating on shares of IGM Biosciences (NASDAQ:IGMS) in a research note released on Thursday, Benzinga reports. HC Wainwright currently has a $12.00 target price on the stock.

Separately, Royal Bank of Canada raised shares of IGM Biosciences from a sector perform rating to an outperform rating and boosted their target price for the stock from $9.00 to $21.00 in a research note on Friday, February 9th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $17.44.

IGM Biosciences Stock Down 8.9 %

Shares of NASDAQ IGMS opened at $7.41 on Thursday. IGM Biosciences has a 1-year low of $3.81 and a 1-year high of $17.70. The company has a 50-day moving average of $11.33 and a two-hundred day moving average of $8.72.

IGM Biosciences (NASDAQ:IGMS) last announced its earnings results on Thursday, March 7th. The company reported ($1.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.05. IGM Biosciences had a negative net margin of 11,568.83% and a negative return on equity of 103.20%. The company had revenue of $0.65 million during the quarter, compared to the consensus estimate of $0.95 million. As a group, sell-side analysts forecast that IGM Biosciences will post -3.23 earnings per share for the current year.

Insider Activity at IGM Biosciences

In related news, CEO Fred Schwarzer sold 4,765 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total transaction of $47,078.20. Following the completion of the transaction, the chief executive officer now owns 220,833 shares in the company, valued at $2,181,830.04. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Bros. Advisors Lp Baker acquired 97,473 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The stock was purchased at an average price of $9.62 per share, for a total transaction of $937,690.26. Following the completion of the acquisition, the director now owns 3,753,480 shares in the company, valued at $36,108,477.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Fred Schwarzer sold 4,765 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total transaction of $47,078.20. Following the completion of the transaction, the chief executive officer now owns 220,833 shares of the company’s stock, valued at approximately $2,181,830.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 8,191 shares of company stock worth $80,927. 56.91% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IGM Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in IGMS. Lazard Asset Management LLC acquired a new stake in shares of IGM Biosciences during the second quarter worth $26,000. Cubist Systematic Strategies LLC acquired a new stake in shares of IGM Biosciences during the first quarter worth $30,000. Nisa Investment Advisors LLC raised its holdings in shares of IGM Biosciences by 7,258.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,900 shares of the company’s stock worth $32,000 after acquiring an additional 3,847 shares during the period. Citigroup Inc. raised its holdings in shares of IGM Biosciences by 370.7% during the second quarter. Citigroup Inc. now owns 4,382 shares of the company’s stock worth $40,000 after acquiring an additional 3,451 shares during the period. Finally, Ensign Peak Advisors Inc raised its holdings in shares of IGM Biosciences by 27.7% during the third quarter. Ensign Peak Advisors Inc now owns 1,890 shares of the company’s stock worth $43,000 after acquiring an additional 410 shares during the period. 42.79% of the stock is currently owned by institutional investors and hedge funds.

IGM Biosciences Company Profile

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.