Short Interest in IGM Biosciences, Inc. (NASDAQ:IGMS) Rises By 5.5%

IGM Biosciences, Inc. (NASDAQ:IGMS) was the target of a significant growth in short interest in the month of March. As of March 15th, there was short interest totalling 4,760,000 shares, a growth of 5.5% from the February 29th total of 4,510,000 shares. Based on an average daily trading volume, of 291,100 shares, the short-interest ratio is presently 16.4 days. Approximately 22.9% of the company’s shares are short sold.

Insider Buying and Selling at IGM Biosciences

In other IGM Biosciences news, Director Bros. Advisors Lp Baker acquired 270,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 26th. The stock was bought at an average price of $8.26 per share, for a total transaction of $2,230,200.00. Following the acquisition, the director now directly owns 3,638,533 shares in the company, valued at $30,054,282.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Bros. Advisors Lp Baker acquired 270,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 26th. The stock was bought at an average price of $8.26 per share, for a total transaction of $2,230,200.00. Following the acquisition, the director now directly owns 3,638,533 shares of the company’s stock, valued at approximately $30,054,282.58. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Fred Schwarzer sold 4,765 shares of the company’s stock in a transaction dated Wednesday, March 13th. The stock was 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 disclosure for this sale can be found here. Insiders sold 8,191 shares of company stock worth $80,927 over the last 90 days. Company insiders own 56.91% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

A number of large investors have recently made changes to their positions in the stock. Hudson Bay Capital Management LP acquired a new stake in IGM Biosciences during the 3rd quarter valued at approximately $1,038,000. Rhenman & Partners Asset Management AB lifted its position in IGM Biosciences by 275.0% during the third 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 during the period. GSA Capital Partners LLP boosted its holdings in IGM Biosciences by 24.7% in the third quarter. GSA Capital Partners LLP now owns 133,276 shares of the company’s stock valued at $1,113,000 after purchasing an additional 26,358 shares during the last quarter. Exchange Traded Concepts LLC boosted its holdings in IGM Biosciences by 34.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 19,048 shares of the company’s stock valued at $158,000 after purchasing an additional 4,830 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new stake in IGM Biosciences during the 3rd quarter worth about $50,000. 42.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on IGMS shares. Royal Bank of Canada upgraded IGM Biosciences from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $9.00 to $21.00 in a research note on Friday, February 9th. HC Wainwright lowered shares of IGM Biosciences from a “buy” rating to a “neutral” rating and reduced their price target for the company from $11.00 to $7.00 in a report on Thursday, December 7th. Finally, Bank of America downgraded shares of IGM Biosciences from a “buy” rating to a “neutral” rating and set a $8.00 price objective on the stock. in a research note on Friday, December 15th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $16.89.

IGM Biosciences Stock Down 1.2 %

Shares of IGMS opened at $9.03 on Thursday. The company has a 50 day moving average of $11.94 and a two-hundred day moving average of $8.64. IGM Biosciences has a twelve month low of $3.81 and a twelve month high of $17.70. The company has a market cap of $530.87 million, a price-to-earnings ratio of -1.88 and a beta of 0.26.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data 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 return on equity of 103.20% and a negative net margin of 11,568.83%. The firm had revenue of $0.65 million during the quarter, compared to analysts’ expectations of $0.95 million. On average, sell-side analysts expect that IGM Biosciences will post -3.23 EPS for the current 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.