IGM Biosciences (NASDAQ:IGMS) Shares Gap Up to $9.65

IGM Biosciences, Inc. (NASDAQ:IGMSGet Free Report) gapped up before the market opened on Monday . The stock had previously closed at $9.65, but opened at $10.47. IGM Biosciences shares last traded at $9.91, with a volume of 74,720 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. HC Wainwright lowered IGM Biosciences from a “buy” rating to a “neutral” rating and cut their target price for the stock from $11.00 to $7.00 in a research report on Thursday, December 7th. Bank of America lowered IGM Biosciences from a “buy” rating to a “neutral” rating and set a $8.00 target price on the stock. in a research report on Friday, December 15th. Finally, Royal Bank of Canada raised IGM Biosciences from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $9.00 to $21.00 in a research report on Friday, February 9th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, IGM Biosciences currently has an average rating of “Hold” and an average price target of $17.80.

Get Our Latest Stock Report on IGM Biosciences

IGM Biosciences Stock Performance

The firm has a 50-day simple moving average of $12.00 and a 200 day simple moving average of $8.63.

IGM Biosciences (NASDAQ:IGMSGet Free Report) last released its quarterly earnings results on Thursday, March 7th. The company reported ($1.01) EPS for the quarter, topping the consensus estimate of ($1.06) by $0.05. The company 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%. Equities analysts expect that IGM Biosciences, Inc. will post -3.23 EPS for the current year.

Insiders Place Their Bets

In related news, Director Bros. Advisors Lp Baker bought 97,473 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were acquired at an average price of $9.62 per share, with a total value of $937,690.26. Following the completion of the acquisition, the director now owns 3,753,480 shares in the company, valued at approximately $36,108,477.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Fred Schwarzer sold 4,765 shares of the business’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 value of $47,078.20. Following the transaction, the chief executive officer now owns 220,833 shares of the company’s stock, valued at $2,181,830.04. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Bros. Advisors Lp Baker bought 97,473 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was bought at an average cost of $9.62 per share, for a total transaction of $937,690.26. Following the acquisition, the director now owns 3,753,480 shares of the company’s stock, valued at approximately $36,108,477.60. The disclosure for this purchase can be found here. Insiders have sold a total of 8,191 shares of company stock valued at $80,927 over the last quarter. Company insiders own 56.91% of the company’s stock.

Institutional Trading of IGM Biosciences

A number of institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its stake in shares of IGM Biosciences by 0.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,260,022 shares of the company’s stock valued at $27,091,000 after buying an additional 17,307 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of IGM Biosciences by 127.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,040,509 shares of the company’s stock valued at $8,647,000 after buying an additional 583,516 shares in the last quarter. RA Capital Management L.P. purchased a new stake in shares of IGM Biosciences in the second quarter valued at approximately $8,653,000. Vanguard Group Inc. boosted its stake in shares of IGM Biosciences by 29.1% in the third quarter. Vanguard Group Inc. now owns 900,007 shares of the company’s stock valued at $7,515,000 after buying an additional 202,719 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in shares of IGM Biosciences by 11.2% in the second quarter. BlackRock Inc. now owns 857,171 shares of the company’s stock valued at $7,912,000 after buying an additional 86,575 shares in the last quarter. 42.79% of the stock is currently owned by hedge funds and other institutional investors.

IGM Biosciences Company Profile

(Get Free Report)

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.

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