HC Wainwright Reiterates “Neutral” Rating for IGM Biosciences (NASDAQ:IGMS)

IGM Biosciences (NASDAQ:IGMS)‘s stock had its “neutral” rating reaffirmed by stock analysts at HC Wainwright in a research note issued to investors on Thursday, Benzinga reports. They currently have a $12.00 target price on the stock. HC Wainwright’s price target points to a potential upside of 66.67% from the stock’s current price.

Separately, Royal Bank of Canada raised IGM Biosciences from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $9.00 to $21.00 in a research note on Friday, February 9th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $17.44.

IGM Biosciences Trading Down 2.8 %

Shares of IGM Biosciences stock opened at $7.20 on Thursday. The stock has a 50 day moving average of $11.18 and a 200 day moving average of $8.72. IGM Biosciences has a 12 month low of $3.81 and a 12 month high of $17.70. The firm has a market cap of $423.29 million, a PE ratio of -1.50 and a beta of 0.26.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings results on Thursday, March 7th. The company reported ($1.01) EPS for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.05. IGM Biosciences had a negative return on equity of 103.20% and a negative net margin of 11,568.83%. The company had revenue of $0.65 million during the quarter, compared to analyst estimates of $0.95 million. As a group, equities research analysts forecast that IGM Biosciences will post -3.23 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Bros. Advisors Lp Baker acquired 270,000 shares of the stock in a transaction dated Tuesday, March 26th. The stock was acquired at an average cost of $8.26 per share, with a total value of $2,230,200.00. Following the purchase, the director now directly owns 3,638,533 shares of the company’s stock, valued at $30,054,282.58. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other IGM Biosciences news, Director Bros. Advisors Lp Baker purchased 270,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 26th. The stock was purchased at an average cost of $8.26 per share, with a total value of $2,230,200.00. Following the purchase, the director now owns 3,638,533 shares of the company’s stock, valued at $30,054,282.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Fred Schwarzer sold 4,765 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $9.88, for a total value of $47,078.20. Following the sale, the chief executive officer now directly owns 220,833 shares of the company’s stock, valued at $2,181,830.04. The disclosure for this sale can be found here. Insiders sold 8,191 shares of company stock valued at $80,927 in the last ninety days. Insiders own 56.91% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

Institutional investors and hedge funds have recently modified their holdings of the business. Ensign Peak Advisors Inc lifted its stake in shares of IGM Biosciences by 27.7% during the 3rd quarter. Ensign Peak Advisors Inc now owns 1,890 shares of the company’s stock worth $43,000 after acquiring an additional 410 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of IGM Biosciences during the 1st quarter worth approximately $30,000. US Bancorp DE lifted its stake in shares of IGM Biosciences by 608.4% during the 1st quarter. US Bancorp DE now owns 2,437 shares of the company’s stock worth $65,000 after acquiring an additional 2,093 shares during the last quarter. Captrust Financial Advisors bought a new stake in shares of IGM Biosciences during the 2nd quarter worth approximately $50,000. Finally, Lazard Asset Management LLC bought a new stake in shares of IGM Biosciences during the 2nd quarter worth approximately $26,000. 42.79% of the stock is owned by institutional investors.

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.