IGM Biosciences (NASDAQ:IGMS) Now Covered by BMO Capital Markets

BMO Capital Markets initiated coverage on shares of IGM Biosciences (NASDAQ:IGMS) in a research note published on Friday morning, MarketBeat reports. The firm issued an outperform rating and a $21.00 target price on the stock.

IGMS has been the topic of several other research reports. Royal Bank of Canada raised their price objective on shares of IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Guggenheim decreased their price objective on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $12.00 to $9.00 in a research report on Tuesday, October 1st. Wedbush reduced their price target on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a research report on Tuesday, October 1st. Finally, Truist Financial lowered IGM Biosciences from a “buy” rating to a “hold” rating and lowered their price objective for the company from $24.00 to $12.00 in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $16.67.

IGM Biosciences Price Performance

Shares of NASDAQ:IGMS opened at $10.31 on Friday. IGM Biosciences has a 12-month low of $5.58 and a 12-month high of $22.50. The firm has a fifty day moving average of $13.51 and a two-hundred day moving average of $11.13.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results on Friday, November 8th. The company reported ($1.01) EPS for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. The firm had revenue of $0.52 million during the quarter, compared to analysts’ expectations of $0.23 million. On average, equities analysts predict that IGM Biosciences will post -3.33 EPS for the current year.

Insider Buying and Selling

In related news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $11.54, for a total transaction of $45,536.84. Following the sale, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at $2,886,430.96. This trade represents a 1.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders have sold 5,902 shares of company stock valued at $68,109. 57.00% of the stock is owned by company insiders.

Institutional Trading of IGM Biosciences

Hedge funds have recently modified their holdings of the company. State Street Corp lifted its position in IGM Biosciences by 2.7% in the third quarter. State Street Corp now owns 469,790 shares of the company’s stock worth $7,770,000 after purchasing an additional 12,174 shares during the period. Geode Capital Management LLC lifted its holdings in shares of IGM Biosciences by 7.6% during the 3rd quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock worth $6,548,000 after acquiring an additional 28,118 shares during the period. TD Asset Management Inc boosted its position in shares of IGM Biosciences by 3.4% during the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after acquiring an additional 5,350 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in IGM Biosciences by 12.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 148,402 shares of the company’s stock valued at $2,455,000 after acquiring an additional 16,072 shares during the period. Finally, Renaissance Technologies LLC raised its position in IGM Biosciences by 126.0% in the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock worth $747,000 after purchasing an additional 60,593 shares in the last quarter. Institutional investors own 42.79% of the company’s stock.

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.