IGM Biosciences (NASDAQ:IGMS) Stock Price Down 4.1% – Should You Sell?

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) fell 4.1% during mid-day trading on Friday . The company traded as low as $10.00 and last traded at $10.00. 23,163 shares changed hands during trading, a decline of 92% from the average session volume of 306,430 shares. The stock had previously closed at $10.43.

Analysts Set New Price Targets

A number of brokerages have issued reports on IGMS. Stifel Nicolaus upped their price objective on IGM Biosciences from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, November 11th. HC Wainwright decreased their price objective on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Wedbush cut their target price on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 1st. Guggenheim cut their target price on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Finally, JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their target price for the company from $12.00 to $9.00 in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, IGM Biosciences presently has a consensus rating of “Hold” and an average price target of $16.13.

IGM Biosciences Stock Down 3.7 %

The firm has a 50 day moving average of $14.13 and a 200-day moving average of $11.10.

IGM Biosciences (NASDAQ:IGMS) last announced its earnings results on Friday, November 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The company had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.23 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. On average, analysts expect that IGM Biosciences, Inc. will post -3.33 EPS for the current year.

Insider Buying and Selling at IGM Biosciences

In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of the 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 sale, the chief executive officer now owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. This trade represents a 1.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 5,902 shares of company stock valued at $68,109. 57.00% of the stock is currently owned by corporate insiders.

Institutional Trading of IGM Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its holdings in shares of IGM Biosciences by 19.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock valued at $37,520,000 after purchasing an additional 628,001 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of IGM Biosciences during the 1st quarter valued at $758,000. Bank of New York Mellon Corp lifted its holdings in shares of 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 valued at $371,000 after purchasing an additional 4,427 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of IGM Biosciences by 13.1% during the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after purchasing an additional 2,635 shares during the last quarter. Finally, TD Asset Management Inc lifted its holdings in shares of IGM Biosciences by 3.4% during the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after purchasing an additional 5,350 shares during 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.