IGM Biosciences, Inc. (NASDAQ:IGMS) Short Interest Update

IGM Biosciences, Inc. (NASDAQ:IGMS) saw a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 3,370,000 shares, a decrease of 8.4% from the October 15th total of 3,680,000 shares. Currently, 16.3% of the company’s shares are sold short. Based on an average daily volume of 291,600 shares, the days-to-cover ratio is presently 11.6 days.

Insiders Place Their Bets

In related news, CEO Fred Schwarzer sold 3,946 shares of the 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 transaction, the chief executive officer now directly owns 250,124 shares in the company, valued at approximately $2,886,430.96. This represents a 1.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 5,902 shares of company stock valued at $68,109 in the last quarter. 57.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IGM Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC boosted its position in IGM Biosciences by 71.4% in the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after buying an additional 4,961 shares during the last quarter. AQR Capital Management LLC purchased a new position in IGM Biosciences in the second quarter valued at about $84,000. XTX Topco Ltd grew its stake in IGM Biosciences by 70.9% during the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after purchasing an additional 8,467 shares in the last quarter. MetLife Investment Management LLC purchased a new stake in IGM Biosciences during the 3rd quarter worth approximately $149,000. Finally, EntryPoint Capital LLC purchased a new stake in IGM Biosciences during the 1st quarter worth approximately $152,000. Hedge funds and other institutional investors own 42.79% of the company’s stock.

IGM Biosciences Price Performance

Shares of IGMS stock traded down $0.09 during trading hours on Tuesday, reaching $9.13. The company had a trading volume of 28,508 shares, compared to its average volume of 308,414. IGM Biosciences has a twelve month low of $4.72 and a twelve month high of $22.50. The stock’s fifty day simple moving average is $14.87 and its 200 day simple moving average is $11.13.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings data on Friday, November 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The firm had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.23 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. On average, equities analysts predict that IGM Biosciences will post -3.17 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on IGMS. Royal Bank of Canada raised their target price on shares of IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Guggenheim lowered their price target on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research 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 on the stock in a report on Thursday, September 5th. JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $12.00 to $9.00 in a report on Tuesday, October 1st. Finally, Wedbush cut their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $16.13.

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.