IGM Biosciences (NASDAQ:IGMS) Stock Price Up 13.8% – Should You Buy?

IGM Biosciences, Inc. (NASDAQ:IGMS) was up 13.8% during mid-day trading on Monday . The stock traded as high as $10.12 and last traded at $10.12. Approximately 2,795 shares were traded during trading, a decline of 99% from the average daily volume of 307,428 shares. The stock had previously closed at $8.89.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and reduced their price objective for the company from $24.00 to $12.00 in a research report on Tuesday, October 1st. Royal Bank of Canada raised their price target on IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Guggenheim dropped their price objective on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. HC Wainwright cut their price objective on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Finally, Stifel Nicolaus boosted their target price on shares of IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, IGM Biosciences has a consensus rating of “Hold” and an average target price of $16.13.

IGM Biosciences Trading Up 0.6 %

The stock has a 50-day simple moving average of $14.39 and a 200 day simple moving average of $11.11.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings data on Friday, November 8th. The company reported ($1.01) EPS for the quarter, missing the consensus estimate of ($0.82) by ($0.19). IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The business had revenue of $0.52 million during the quarter, compared to analysts’ expectations of $0.23 million. As a group, equities analysts predict that IGM Biosciences, Inc. will post -3.28 EPS for the current year.

Insider Activity

In other news, CEO Fred Schwarzer sold 3,946 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $11.54, for a total value of $45,536.84. Following the completion of the transaction, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at $2,886,430.96. The trade was a 1.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have sold 5,902 shares of company stock worth $68,109 over the last ninety days. 57.00% of the stock is currently owned by insiders.

Institutional Trading of IGM Biosciences

A number of large investors have recently made changes to their positions in IGMS. Price T Rowe Associates Inc. MD lifted its holdings 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 valued at $37,520,000 after purchasing an additional 628,001 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in shares of IGM Biosciences during the first quarter valued at approximately $758,000. Renaissance Technologies LLC boosted its position in IGM Biosciences by 126.0% during the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock worth $747,000 after acquiring an additional 60,593 shares during the last quarter. Marshall Wace LLP boosted its position in IGM Biosciences by 51.6% during the second quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock worth $737,000 after acquiring an additional 36,491 shares during the last quarter. Finally, Bruce & Co. Inc. grew its stake in IGM Biosciences by 53.8% in the 2nd quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock worth $687,000 after acquiring an additional 35,000 shares during the period. Institutional investors and hedge funds 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.