Royal Bank of Canada Lowers IGM Biosciences (NASDAQ:IGMS) Price Target to $17.00

IGM Biosciences (NASDAQ:IGMS) had its target price lowered by stock analysts at Royal Bank of Canada from $20.00 to $17.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 18.06% from the stock’s current price.

Several other equities analysts have also recently weighed in on the stock. HC Wainwright lowered their price objective on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Wedbush dropped their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. lowered IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $12.00 to $9.00 in a research note on Tuesday. Finally, Truist Financial downgraded IGM Biosciences from a “buy” rating to a “hold” rating and lowered their target price for the company from $24.00 to $12.00 in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $14.67.

IGM Biosciences Trading Down 0.7 %

Shares of IGMS opened at $14.40 on Tuesday. The firm has a fifty day simple moving average of $11.69 and a two-hundred day simple moving average of $9.78. The firm has a market cap of $849.95 million, a PE ratio of -3.34 and a beta of 0.21. IGM Biosciences has a 1-year low of $3.81 and a 1-year high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.97). The firm 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%. As a group, research analysts forecast that IGM Biosciences will post -3.13 EPS for the current fiscal year.

Insider Buying and Selling

In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of the firm’s 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. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Julie Hambleton sold 15,132 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total transaction of $211,848.00. Following the completion of the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at $28,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $45,536.84. Following the completion of the sale, the chief executive officer now owns 250,124 shares in the company, valued at approximately $2,886,430.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,034 shares of company stock valued at $279,957. Company insiders own 57.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Point72 Asset Management L.P. purchased a new stake in shares of IGM Biosciences in the second quarter worth about $187,000. AQR Capital Management LLC purchased a new stake in shares of IGM Biosciences during the 2nd quarter worth approximately $84,000. Marshall Wace LLP boosted its position in shares of IGM Biosciences by 51.6% during the 2nd quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock valued at $737,000 after acquiring an additional 36,491 shares during the last quarter. XTX Topco Ltd grew its holdings in shares of IGM Biosciences by 70.9% in the second 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. Finally, Renaissance Technologies LLC grew its holdings in shares of IGM Biosciences by 126.0% in the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after purchasing an additional 60,593 shares in 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.