Short Interest in IGM Biosciences, Inc. (NASDAQ:IGMS) Declines By 19.3%

IGM Biosciences, Inc. (NASDAQ:IGMS) was the target of a significant decline in short interest during the month of March. As of March 15th, there was short interest totalling 928,300 shares, a decline of 19.3% from the February 28th total of 1,150,000 shares. Approximately 5.7% of the company’s stock are sold short. Based on an average trading volume of 448,700 shares, the days-to-cover ratio is currently 2.1 days.

Wall Street Analysts Forecast Growth

IGMS has been the subject of several research reports. Royal Bank of Canada downgraded IGM Biosciences from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $20.00 to $1.50 in a report on Friday, January 10th. Guggenheim downgraded shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a report on Friday, January 10th. Wedbush reissued a “neutral” rating and issued a $3.00 price target (down from $22.00) on shares of IGM Biosciences in a report on Friday, January 10th. Morgan Stanley downgraded shares of IGM Biosciences from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $12.00 to $2.00 in a research report on Friday, January 10th. Finally, Stifel Nicolaus lowered IGM Biosciences from a “buy” rating to a “hold” rating and lowered their target price for the stock from $27.00 to $2.50 in a research note on Friday, January 10th. One analyst has rated the stock with a sell rating and nine have assigned a hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $5.50.

IGM Biosciences Trading Up 2.2 %

NASDAQ:IGMS traded up $0.03 during trading hours on Wednesday, hitting $1.18. 16,651 shares of the company were exchanged, compared to its average volume of 338,000. The stock has a market capitalization of $70.24 million, a price-to-earnings ratio of -0.32 and a beta of 0.37. IGM Biosciences has a one year low of $1.11 and a one year high of $22.50. The company has a fifty day simple moving average of $1.38 and a 200 day simple moving average of $7.66.

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

Institutional Investors Weigh In On IGM Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the business. China Universal Asset Management Co. Ltd. bought a new stake in IGM Biosciences during the 4th quarter worth approximately $44,000. MetLife Investment Management LLC bought a new stake in IGM Biosciences during the third quarter worth $149,000. Barclays PLC raised its position in IGM Biosciences by 48.4% in the 3rd quarter. Barclays PLC now owns 21,554 shares of the company’s stock valued at $356,000 after buying an additional 7,027 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in IGM Biosciences in the 4th quarter valued at $184,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in IGM Biosciences during the 4th quarter valued at $222,000. Institutional investors and hedge funds 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.