IGM Biosciences, Inc. (NASDAQ:IGMS – Get Rating)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $20.96, but opened at $20.48. IGM Biosciences shares last traded at $21.21, with a volume of 556 shares trading hands.
Wall Street Analysts Forecast Growth
IGMS has been the subject of several recent research reports. Bank of America initiated coverage on IGM Biosciences in a report on Monday, August 29th. They set a "buy" rating and a $34.00 price target for the company. Truist Financial lowered their target price on shares of IGM Biosciences from $74.00 to $37.00 and set a "buy" rating on the stock in a report on Tuesday, August 23rd. Guggenheim cut their price target on shares of IGM Biosciences to $40.00 in a report on Monday, August 15th. Finally, Robert W. Baird lowered their price objective on IGM Biosciences from $46.00 to $31.00 and set an "outperform" rating on the stock in a report on Wednesday, June 1st. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $53.00.
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IGM Biosciences Price Performance
The business has a 50-day moving average price of $20.24 and a two-hundred day moving average price of $18.71.
IGM Biosciences (NASDAQ:IGMS – Get Rating) last announced its earnings results on Monday, August 8th. The company reported ($1.33) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.44) by $0.11. The business had revenue of $0.37 million for the quarter, compared to analyst estimates of $38.91 million. During the same quarter in the previous year, the firm posted ($1.16) EPS. As a group, sell-side analysts forecast that IGM Biosciences, Inc. will post -5.82 EPS for the current year.
Insider Activity
In related news, insider Bruce Keyt sold 5,000 shares of IGM Biosciences stock in a transaction dated Tuesday, September 6th. The stock was sold at an average price of $19.06, for a total transaction of $95,300.00. Following the completion of the sale, the insider now owns 39,489 shares in the company, valued at approximately $752,660.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 30,000 shares of company stock worth $622,107 over the last three months. 55.96% of the stock is currently owned by corporate insiders.
Institutional Trading of IGM Biosciences
Several hedge funds and other institutional investors have recently added to or reduced their stakes in IGMS. American International Group Inc. increased its position in IGM Biosciences by 15.0% during the second quarter. American International Group Inc. now owns 4,684 shares of the company's stock worth $84,000 after purchasing an additional 612 shares during the last quarter. DekaBank Deutsche Girozentrale increased its holdings in shares of IGM Biosciences by 9.6% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 9,100 shares of the company's stock worth $235,000 after buying an additional 800 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of IGM Biosciences in the 4th quarter worth $34,000. Rhumbline Advisers boosted its holdings in IGM Biosciences by 16.5% in the first quarter. Rhumbline Advisers now owns 9,222 shares of the company's stock valued at $247,000 after acquiring an additional 1,308 shares during the last quarter. Finally, Amalgamated Bank purchased a new stake in IGM Biosciences during the first quarter valued at about $36,000. Hedge funds and other institutional investors own 41.20% of the company's stock.
IGM Biosciences Company Profile
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IGM Biosciences, Inc, a biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of cancer, infectious diseases, and autoimmune and inflammatory diseases. The company's lead product candidate is IGM-2323, a bispecific IgM antibody that is in Phase 2 clinical trials to treat patients with relapsed/refractory B cell Non-Hodgkin's lymphoma (NHL).
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