IGM Biosciences (NASDAQ:IGMS) Earns “Neutral” Rating from HC Wainwright

HC Wainwright reissued their neutral rating on shares of IGM Biosciences (NASDAQ:IGMS) in a research report released on Friday, Benzinga reports. HC Wainwright currently has a $12.00 target price on the stock.

Other research analysts have also recently issued research reports about the company. Wedbush reiterated an outperform rating and issued a $20.00 price objective on shares of IGM Biosciences in a research report on Thursday, May 9th. 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. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $17.89.

IGM Biosciences Stock Performance

IGMS stock opened at $9.55 on Friday. The stock has a market capitalization of $563.64 million, a PE ratio of -2.22 and a beta of 0.27. The company has a fifty day moving average of $9.15 and a 200-day moving average of $9.54. IGM Biosciences has a one year low of $3.81 and a one year high of $17.70.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data on Thursday, March 7th. The company reported ($1.01) EPS for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.05. IGM Biosciences had a negative net margin of 11,255.25% and a negative return on equity of 108.07%. The firm had revenue of $0.65 million during the quarter, compared to the consensus estimate of $0.95 million. Equities analysts forecast that IGM Biosciences will post -2.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In other IGM Biosciences news, CEO Fred Schwarzer sold 4,765 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $9.88, for a total transaction of $47,078.20. Following the sale, 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 legal filing with the SEC, which is available through this link. In other IGM Biosciences news, CEO Fred Schwarzer sold 4,765 shares of the firm’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 sale, the chief executive officer now directly owns 220,833 shares of the company’s stock, valued at approximately $2,181,830.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bros. Advisors Lp Baker purchased 270,000 shares of the stock in a transaction dated Tuesday, March 26th. The shares were purchased at an average price of $8.26 per share, with a total value of $2,230,200.00. Following the completion of the acquisition, the director now owns 3,638,533 shares of the company’s stock, valued at $30,054,282.58. The disclosure for this purchase can be found here. Insiders sold 8,191 shares of company stock worth $80,927 in the last ninety days. Insiders own 57.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Baker BROS. Advisors LP grew its position in shares of IGM Biosciences by 10.8% in the first quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock valued at $39,452,000 after purchasing an additional 397,311 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in IGM Biosciences by 19.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock worth $37,520,000 after buying an additional 628,001 shares during the last quarter. Redmile Group LLC grew its holdings in IGM Biosciences by 3.4% in the 1st quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock valued at $29,649,000 after buying an additional 100,936 shares during the period. Rhenman & Partners Asset Management AB increased its stake in shares of IGM Biosciences by 275.0% during the 3rd 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. Finally, GSA Capital Partners LLP lifted 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 acquiring an additional 26,358 shares during the period. Hedge funds and other institutional investors 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.