IGM Biosciences, Inc. (NASDAQ:IGMS) was the recipient of a large decrease in short interest during the month of April. As of April 15th, there was short interest totalling 3,010,000 shares, a decrease of 15.4% from the March 31st total of 3,560,000 shares. Based on an average daily trading volume, of 196,300 shares, the days-to-cover ratio is currently 15.3 days. Approximately 21.1% of the shares of the stock are short sold.
IGMS stock traded down $2.57 during midday trading on Tuesday, reaching $65.46. The company’s stock had a trading volume of 508 shares, compared to its average volume of 194,512. IGM Biosciences has a 52 week low of $41.41 and a 52 week high of $133.00. The stock has a market cap of $2.10 billion, a PE ratio of -28.95 and a beta of -1.12. The business’s 50-day simple moving average is $73.91 and its 200-day simple moving average is $78.90.
IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings data on Monday, March 29th. The company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of ($0.74) by ($0.05). Analysts predict that IGM Biosciences will post -2.71 earnings per share for the current year.
IGMS has been the subject of several research analyst reports. Zacks Investment Research lowered IGM Biosciences from a “hold” rating to a “sell” rating in a report on Friday, April 2nd. HC Wainwright reissued a “buy” rating on shares of IGM Biosciences in a report on Wednesday, March 31st. Truist upped their price target on IGM Biosciences from $86.00 to $119.00 in a report on Wednesday, March 31st. Finally, Royal Bank of Canada assumed coverage on shares of IGM Biosciences in a research note on Friday, January 29th. They set an “outperform” rating and a $121.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $99.33.
In other news, insider Bruce Keyt sold 1,619 shares of the firm’s stock in a transaction on Wednesday, February 3rd. The stock was sold at an average price of $96.00, for a total transaction of $155,424.00. Following the sale, the insider now owns 5,269 shares in the company, valued at $505,824. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 4,492 shares of company stock worth $404,367. 79.34% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of IGMS. Captrust Financial Advisors acquired a new position in shares of IGM Biosciences in the 4th quarter valued at approximately $31,000. Penserra Capital Management LLC bought a new stake in IGM Biosciences during the 4th quarter worth approximately $49,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of IGM Biosciences in the 1st quarter valued at $53,000. Pacer Advisors Inc. boosted its stake in shares of IGM Biosciences by 149.0% in the 4th quarter. Pacer Advisors Inc. now owns 884 shares of the company’s stock valued at $78,000 after purchasing an additional 529 shares during the last quarter. Finally, Sei Investments Co. bought a new position in IGM Biosciences during the third quarter worth $216,000. Institutional investors and hedge funds own 47.60% of the company’s stock.
IGM Biosciences Company Profile
IGM Biosciences, Inc, a biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of multiple diseases. Its lead product candidate is IGM-2323, a bispecific IgM antibody that is in Phase 1 clinical trials to treat patients with relapsed/refractory B cell Non-Hodgkin's lymphoma (NHL).
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