IGM Biosciences, Inc. (NASDAQ:IGMS) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) have received a consensus recommendation of “Moderate Buy” from the eight brokerages that are currently covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $16.89.

Separately, Royal Bank of Canada upgraded shares of IGM Biosciences from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $9.00 to $21.00 in a research report on Friday, February 9th.

IGM Biosciences Stock Performance

IGM Biosciences stock opened at $9.41 on Tuesday. The stock has a market cap of $553.21 million, a P/E ratio of -1.96 and a beta of 0.26. IGM Biosciences has a fifty-two week low of $3.81 and a fifty-two week high of $17.70. The firm’s fifty day moving average price is $11.55 and its 200-day moving average price is $8.73.

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

Insider Buying and Selling at IGM Biosciences

In other IGM Biosciences news, CFO Misbah Tahir sold 2,897 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total transaction of $28,622.36. Following the completion of the sale, the chief financial officer now directly owns 92,961 shares in the company, valued at $918,454.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other IGM Biosciences news, CEO Fred Schwarzer sold 4,765 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 220,833 shares in the company, valued at $2,181,830.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Misbah Tahir sold 2,897 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $9.88, for a total transaction of $28,622.36. Following the sale, the chief financial officer now owns 92,961 shares of the company’s stock, valued at $918,454.68. The disclosure for this sale can be found here. Insiders sold a total of 8,191 shares of company stock worth $80,927 over the last three months. Company insiders own 56.91% of the company’s stock.

Institutional Trading of IGM Biosciences

A number of institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of IGM Biosciences by 0.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,260,022 shares of the company’s stock worth $27,091,000 after purchasing an additional 17,307 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of IGM Biosciences by 127.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,040,509 shares of the company’s stock worth $8,647,000 after purchasing an additional 583,516 shares during the period. RA Capital Management L.P. purchased a new stake in shares of IGM Biosciences during the second quarter worth about $8,653,000. Vanguard Group Inc. boosted its holdings in shares of IGM Biosciences by 29.1% during the third quarter. Vanguard Group Inc. now owns 900,007 shares of the company’s stock worth $7,515,000 after purchasing an additional 202,719 shares during the period. Finally, BlackRock Inc. boosted its holdings in shares of IGM Biosciences by 11.2% during the second quarter. BlackRock Inc. now owns 857,171 shares of the company’s stock worth $7,912,000 after purchasing an additional 86,575 shares during the period. 42.79% of the stock is currently owned by hedge funds and other institutional investors.

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.