IGM Biosciences (NASDAQ:IGMS) Shares Gap Down to $10.07

IGM Biosciences, Inc. (NASDAQ:IGMS) shares gapped down prior to trading on Monday . The stock had previously closed at $10.07, but opened at $9.85. IGM Biosciences shares last traded at $9.94, with a volume of 15,541 shares trading hands.

Analyst Ratings Changes

Several analysts have recently commented on IGMS shares. Royal Bank of Canada raised shares of 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 research note on Friday, February 9th. HC Wainwright reiterated a “neutral” rating and issued a $12.00 price target on shares of IGM Biosciences in a report on Thursday, April 18th. 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, IGM Biosciences currently has an average rating of “Moderate Buy” and an average target price of $17.44.

IGM Biosciences Price Performance

The stock has a market capitalization of $589.66 million, a price-to-earnings ratio of -2.09 and a beta of 0.27. The business has a 50 day simple moving average of $9.88 and a 200-day simple moving average of $9.01.

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

Insider Buying and Selling

In other news, Director Bros. Advisors Lp Baker acquired 97,473 shares of the stock in a transaction dated Thursday, March 28th. The shares were bought at an average cost of $9.62 per share, for a total transaction of $937,690.26. Following the purchase, the director now directly owns 3,753,480 shares of the company’s stock, valued at $36,108,477.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related 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 value of $47,078.20. Following the transaction, the chief executive officer now owns 220,833 shares in the company, valued at approximately $2,181,830.04. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Bros. Advisors Lp Baker acquired 97,473 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were bought at an average price of $9.62 per share, with a total value of $937,690.26. Following the completion of the transaction, the director now directly owns 3,753,480 shares of the company’s stock, valued at $36,108,477.60. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 8,191 shares of company stock worth $80,927. Corporate insiders own 56.91% of the company’s stock.

Institutional Trading of IGM Biosciences

Institutional investors have recently added to or reduced their stakes in the company. TD Asset Management Inc lifted its position in shares of IGM Biosciences by 100.0% during the 3rd quarter. TD Asset Management Inc now owns 83,452 shares of the company’s stock valued at $697,000 after acquiring an additional 41,726 shares during the period. Rhenman & Partners Asset Management AB increased its stake in IGM Biosciences by 275.0% in the third quarter. Rhenman & Partners Asset Management AB now owns 750,000 shares of the company’s stock valued at $6,262,000 after acquiring an additional 550,000 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of IGM Biosciences in the 3rd quarter valued at $50,000. Pale Fire Capital SE bought a new position in shares of IGM Biosciences in the 3rd quarter valued at $105,000. Finally, GSA Capital Partners LLP raised its holdings in shares of IGM Biosciences by 24.7% during the 3rd quarter. GSA Capital Partners LLP now owns 133,276 shares of the company’s stock worth $1,113,000 after buying an additional 26,358 shares in the last quarter. 42.79% of the stock is currently owned by institutional investors.

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.