IGM Biosciences (NASDAQ:IGMS) Stock Price Up 6.2% – Time to Buy?

IGM Biosciences, Inc. (NASDAQ:IGMS)’s share price rose 6.2% on Monday . The company traded as high as $10.74 and last traded at $10.66. Approximately 206,237 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 306,053 shares. The stock had previously closed at $10.04.

Wall Street Analyst Weigh In

IGMS has been the subject of a number of research reports. Stifel Nicolaus raised their price target on shares of IGM Biosciences from $25.00 to $27.00 and gave the company a “buy” rating in a report on Monday, November 11th. HC Wainwright reduced their price objective on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Wedbush reduced their price objective on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 1st. JPMorgan Chase & Co. cut shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $12.00 to $9.00 in a research note on Tuesday, October 1st. Finally, Truist Financial cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and reduced their price objective for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $16.13.

IGM Biosciences Price Performance

The company has a market capitalization of $641.62 million, a P/E ratio of -2.96 and a beta of 0.20. The business’s 50-day moving average price is $14.00 and its two-hundred day moving average price is $11.13.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data on Friday, November 8th. The company reported ($1.01) EPS for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The company had revenue of $0.52 million during 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%. Research analysts expect that IGM Biosciences, Inc. will post -3.33 earnings per share for the current fiscal year.

Insider Activity at IGM Biosciences

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

Institutional Investors Weigh In On IGM Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IGMS. Bank of New York Mellon Corp increased its stake in IGM Biosciences by 8.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock valued at $371,000 after buying an additional 4,427 shares during the last quarter. Rhumbline Advisers increased its stake in 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 buying an additional 2,635 shares during the last quarter. TD Asset Management Inc increased its stake in IGM Biosciences by 3.4% in the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after buying an additional 5,350 shares during the last quarter. Quest Partners LLC increased its stake in IGM Biosciences by 71.4% in the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after buying an additional 4,961 shares during the last quarter. Finally, Bruce & Co. Inc. increased its stake in IGM Biosciences by 53.8% in the 2nd quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock valued at $687,000 after buying an additional 35,000 shares during the last quarter. 42.79% of the stock is currently owned by institutional investors and hedge funds.

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.