IGM Biosciences (NASDAQ:IGMS) Price Target Cut to $20.00 by Analysts at Guggenheim

IGM Biosciences (NASDAQ:IGMS) had its price target lowered by Guggenheim from $25.00 to $20.00 in a research report sent to investors on Tuesday, Benzinga reports. Guggenheim currently has a buy rating on the stock.

Other analysts have also issued reports about the stock. Truist Financial lowered shares of IGM Biosciences from a buy rating to a hold rating and lowered their price target for the company from $24.00 to $12.00 in a research report on Tuesday. Royal Bank of Canada lowered their price target on shares of IGM Biosciences from $20.00 to $17.00 and set an outperform rating on the stock in a research report on Tuesday. HC Wainwright decreased their target price on shares of 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 shares of 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 research report on Tuesday. Finally, Wedbush decreased their target price on shares of IGM Biosciences from $25.00 to $22.00 and set an outperform rating on the stock in a research report on Tuesday. One 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 company. According to MarketBeat.com, IGM Biosciences presently has a consensus rating of Hold and a consensus price target of $14.67.

IGM Biosciences Trading Up 3.5 %

Shares of IGM Biosciences stock opened at $14.90 on Tuesday. The company has a 50-day moving average of $11.75 and a two-hundred day moving average of $9.82. The stock has a market cap of $879.46 million, a PE ratio of -3.46 and a beta of 0.21. IGM Biosciences has a 12-month low of $3.81 and a 12-month high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.97). The business had revenue of $1.25 million during the quarter, compared to analyst estimates 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, sell-side analysts forecast that IGM Biosciences will post -3.13 EPS for the current fiscal year.

Insider Activity

In other news, CEO Fred Schwarzer sold 3,946 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the transaction, the chief executive officer now owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Fred Schwarzer sold 3,946 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the transaction, the chief executive officer now owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 in the company, valued at approximately $28,000. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,034 shares of company stock valued at $279,957. Company insiders own 57.00% of the company’s stock.

Hedge Funds Weigh In On IGM Biosciences

A number of hedge funds have recently made changes to their positions in the business. Rhumbline Advisers raised its stake in shares of IGM Biosciences by 13.1% in the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after acquiring an additional 2,635 shares during the period. Bank of New York Mellon Corp increased its stake in IGM Biosciences by 8.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock worth $371,000 after buying an additional 4,427 shares during the period. Quest Partners LLC increased its stake in IGM Biosciences by 71.4% during the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after buying an additional 4,961 shares during the period. TD Asset Management Inc increased its stake in IGM Biosciences by 3.4% during the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock worth $1,130,000 after buying an additional 5,350 shares during the period. Finally, XTX Topco Ltd increased 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 worth $140,000 after buying an additional 8,467 shares during the period. Hedge funds and other institutional investors 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.