IGM Biosciences’ (IGMS) Outperform Rating Reiterated at Wedbush

IGM Biosciences (NASDAQ:IGMS)‘s stock had its “outperform” rating reaffirmed by investment analysts at Wedbush in a research report issued on Thursday, Benzinga reports. They currently have a $20.00 target price on the stock. Wedbush’s price objective suggests a potential upside of 114.13% from the stock’s current price.

A number of other brokerages have also recently issued reports on IGMS. HC Wainwright reiterated a “neutral” rating and set a $12.00 price objective on shares of IGM Biosciences in a research note on Thursday, April 18th. Royal Bank of Canada raised shares of IGM Biosciences from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $9.00 to $21.00 in a research report on Friday, February 9th. Four investment 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.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $17.89.

IGM Biosciences Trading Down 5.9 %

Shares of IGMS stock opened at $9.34 on Thursday. The firm’s fifty day moving average price is $9.71 and its two-hundred day moving average price is $9.09. IGM Biosciences has a 1 year low of $3.81 and a 1 year high of $17.70. The firm has a market capitalization of $549.10 million, a P/E ratio of -1.94 and a beta of 0.27.

IGM Biosciences (NASDAQ:IGMS) last released 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. IGM Biosciences had a negative return on equity of 103.20% and a negative net margin of 11,568.83%. The business had revenue of $0.65 million for the quarter, compared to the consensus estimate of $0.95 million. As a group, equities research analysts forecast that IGM Biosciences will post -3.23 EPS for the current fiscal year.

Insider Buying and Selling at IGM Biosciences

In related news, Director Bros. Advisors Lp Baker purchased 270,000 shares of the stock in a transaction on Tuesday, March 26th. The shares were purchased at an average cost of $8.26 per share, with a total value 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 acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In related 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 value of $28,622.36. Following the transaction, the chief financial officer now directly owns 92,961 shares in the company, valued at $918,454.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bros. Advisors Lp Baker purchased 270,000 shares of the stock in a transaction that occurred on Tuesday, March 26th. The shares were acquired at an average cost of $8.26 per share, for a total transaction of $2,230,200.00. Following the completion of the transaction, the director now owns 3,638,533 shares of the company’s stock, valued at approximately $30,054,282.58. The disclosure for this purchase can be found here. Insiders have sold a total of 8,191 shares of company stock worth $80,927 over the last ninety days. Insiders own 56.91% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Susquehanna Fundamental Investments LLC bought a new position in IGM Biosciences in the 1st quarter valued at about $268,000. Pennant Investors LP acquired a new stake in shares of IGM Biosciences in the 4th quarter valued at $539,000. Panagora Asset Management Inc. bought a new position in shares of IGM Biosciences in the 4th quarter valued at $252,000. Nisa Investment Advisors LLC raised its holdings in shares of IGM Biosciences by 7,258.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,900 shares of the company’s stock worth $32,000 after buying an additional 3,847 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake 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 buying an additional 4,830 shares in the last quarter. Institutional investors and hedge funds own 42.79% of the company’s stock.

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.