IGM Biosciences (NASDAQ:IGMS) Stock Price Down 3.7% – Time to Sell?

IGM Biosciences, Inc. (NASDAQ:IGMS)’s share price traded down 3.7% during mid-day trading on Friday . The stock traded as low as $16.50 and last traded at $16.50. 18,468 shares traded hands during trading, a decline of 94% from the average session volume of 309,012 shares. The stock had previously closed at $17.14.

Analysts Set New Price Targets

Several research analysts have weighed in on IGMS shares. Wedbush cut their price objective on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 1st. Royal Bank of Canada upped their price target on IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. HC Wainwright dropped their price target on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. JPMorgan Chase & Co. lowered IGM Biosciences from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $12.00 to $9.00 in a research note on Tuesday, October 1st. Finally, Truist Financial lowered IGM Biosciences from a “buy” rating to a “hold” rating and decreased their price objective for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $15.00.

IGM Biosciences Stock Performance

The stock has a market capitalization of $963.95 million, a P/E ratio of -4.67 and a beta of 0.21. The firm has a 50-day moving average price of $14.23 and a 200 day moving average price of $10.74.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results on Wednesday, August 14th. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.97). The company had revenue of $1.25 million for the quarter, compared to analysts’ expectations of $51.75 million. IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. On average, equities analysts anticipate that IGM Biosciences, Inc. will post -3.17 earnings per share for the current fiscal year.

Insider Activity at IGM Biosciences

In related news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction that occurred on 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 in the company, valued at $2,886,430.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 5,902 shares of company stock worth $68,109 over the last ninety days. 57.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Susquehanna Fundamental Investments LLC purchased a new position in shares of IGM Biosciences in the first quarter worth $268,000. EntryPoint Capital LLC purchased a new position in shares of IGM Biosciences in the first quarter worth $152,000. Price T Rowe Associates Inc. MD increased its position in IGM Biosciences by 19.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock valued at $37,520,000 after acquiring an additional 628,001 shares during the last quarter. Baker BROS. Advisors LP increased its position in IGM Biosciences by 10.8% during the first quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock valued at $39,452,000 after acquiring an additional 397,311 shares during the last quarter. Finally, Redmile Group LLC increased its position in IGM Biosciences by 3.4% during the first quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock valued at $29,649,000 after acquiring an additional 100,936 shares during the last quarter. 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.