IGM Biosciences (NASDAQ:IGMS) Trading 5.9% Higher – Should You Buy?

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock price rose 5.9% during trading on Monday . The stock traded as high as $1.26 and last traded at $1.26. Approximately 172,814 shares changed hands during trading, a decline of 49% from the average daily volume of 341,337 shares. The stock had previously closed at $1.19.

Analyst Ratings Changes

Several analysts have issued reports on IGMS shares. Wedbush reaffirmed a “neutral” rating and issued a $3.00 price target (down previously from $22.00) on shares of IGM Biosciences in a report on Friday, January 10th. Morgan Stanley cut IGM Biosciences from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $12.00 to $2.00 in a report on Friday, January 10th. JPMorgan Chase & Co. raised IGM Biosciences from an “underweight” rating to a “neutral” rating in a research report on Monday, January 13th. Truist Financial reduced their price target on shares of IGM Biosciences from $12.00 to $2.00 and set a “hold” rating on the stock in a research report on Friday, January 10th. Finally, Royal Bank of Canada cut IGM Biosciences from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $20.00 to $1.50 in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating and nine have given a hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $5.50.

IGM Biosciences Price Performance

The business has a fifty day moving average price of $1.44 and a 200 day moving average price of $8.02. The company has a market capitalization of $73.52 million, a price-to-earnings ratio of -0.34 and a beta of 0.37.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data on Thursday, March 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.74) by $0.13. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. The business had revenue of $0.41 million during the quarter, compared to analysts’ expectations of $0.39 million. Research analysts anticipate that IGM Biosciences, Inc. will post -3.35 earnings per share for the current year.

Institutional Trading of IGM Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its position in IGM Biosciences by 12.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 148,402 shares of the company’s stock worth $2,455,000 after buying an additional 16,072 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of IGM Biosciences by 8.2% in the third quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company’s stock valued at $1,234,000 after acquiring an additional 5,683 shares during the period. MetLife Investment Management LLC acquired a new position in IGM Biosciences in the 3rd quarter valued at approximately $149,000. State Street Corp raised its stake in shares of IGM Biosciences by 2.7% in the 3rd quarter. State Street Corp now owns 469,790 shares of the company’s stock valued at $7,770,000 after buying an additional 12,174 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in IGM Biosciences by 42.6% during the third quarter. Wellington Management Group LLP now owns 98,339 shares of the company’s stock valued at $1,627,000 after purchasing an additional 29,374 shares in the last quarter. 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.