IGM Biosciences (NASDAQ:IGMS) Stock Price Down 4.9%

IGM Biosciences, Inc. (NASDAQ:IGMS) was down 4.9% on Wednesday . The stock traded as low as $8.69 and last traded at $8.75. Approximately 63,782 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 273,465 shares. The stock had previously closed at $9.20.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on IGMS shares. HC Wainwright reaffirmed a “neutral” rating and issued a $12.00 target price on shares of IGM Biosciences in a research report on Thursday. Royal Bank of Canada raised IGM Biosciences from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $9.00 to $21.00 in a report on Friday, February 9th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.44.

IGM Biosciences Trading Down 3.5 %

The company has a 50 day simple moving average of $11.33 and a 200-day simple moving average of $8.72.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data on Thursday, March 7th. The company reported ($1.01) earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $0.95 million. Equities research analysts expect that IGM Biosciences, Inc. will post -3.23 EPS for the current fiscal 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 that occurred on 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 in the company, valued at $918,454.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Misbah Tahir sold 2,897 shares of the stock in a transaction that occurred on 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 directly owns 92,961 shares in the company, valued at approximately $918,454.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Fred Schwarzer sold 4,765 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $9.88, for a total value of $47,078.20. Following the sale, 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 have sold 8,191 shares of company stock worth $80,927 over the last quarter. 56.91% of the stock is owned by corporate insiders.

Institutional Trading of IGM Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. Lazard Asset Management LLC acquired a new stake in shares of IGM Biosciences during the 2nd quarter worth approximately $26,000. Cubist Systematic Strategies LLC acquired a new stake in shares of IGM Biosciences during the 1st quarter worth approximately $30,000. Nisa Investment Advisors LLC increased its position in IGM Biosciences by 7,258.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,900 shares of the company’s stock valued at $32,000 after acquiring an additional 3,847 shares during the period. Citigroup Inc. increased its position in IGM Biosciences by 370.7% in the 2nd quarter. Citigroup Inc. now owns 4,382 shares of the company’s stock valued at $40,000 after acquiring an additional 3,451 shares during the period. Finally, Ensign Peak Advisors Inc increased its position in IGM Biosciences by 27.7% in the 3rd quarter. Ensign Peak Advisors Inc now owns 1,890 shares of the company’s stock valued at $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.