IGM Biosciences, Inc. (NASDAQ:IGMS – Get Rating)'s share price was up 19.5% during mid-day trading on Friday . The stock traded as high as $23.22 and last traded at $23.22. Approximately 421 shares changed hands during trading, a decline of 100% from the average daily volume of 185,378 shares. The stock had previously closed at $19.43.
Analysts Set New Price Targets
Several research analysts recently issued reports on IGMS shares. Bank of America started coverage on shares of IGM Biosciences in a report on Monday, August 29th. They set a "buy" rating and a $34.00 target price for the company. Guggenheim reduced their target price on shares of IGM Biosciences to $40.00 in a report on Monday, August 15th. Finally, Truist Financial reduced their target price on shares of IGM Biosciences from $74.00 to $37.00 and set a "buy" rating for the company in a report on Tuesday, August 23rd. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $53.00.
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IGM Biosciences Trading Up 17.0 %
The stock has a market cap of $967.13 million, a price-to-earnings ratio of -4.00 and a beta of -0.32. The firm's 50-day moving average is $20.42 and its two-hundred day moving average is $18.96.
IGM Biosciences (NASDAQ:IGMS – Get Rating) last released its earnings results on Monday, August 8th. The company reported ($1.33) earnings per share for the quarter, beating the consensus estimate of ($1.44) by $0.11. The firm had revenue of $0.37 million during the quarter, compared to analysts' expectations of $38.91 million. During the same quarter last year, the business earned ($1.16) EPS. On average, analysts predict that IGM Biosciences, Inc. will post -5.86 earnings per share for the current year.
Insider Activity
In other news, insider Bruce Keyt sold 8,700 shares of the firm's stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $22.82, for a total value of $198,534.00. Following the transaction, the insider now owns 39,489 shares in the company, valued at $901,138.98. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 30,000 shares of company stock worth $622,107 over the last quarter. 55.96% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On IGM Biosciences
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Point72 Hong Kong Ltd acquired a new stake in shares of IGM Biosciences in the fourth quarter valued at approximately $34,000. Amalgamated Bank acquired a new stake in shares of IGM Biosciences in the first quarter valued at approximately $36,000. US Bancorp DE increased its holdings in shares of IGM Biosciences by 608.4% in the first quarter. US Bancorp DE now owns 2,437 shares of the company's stock valued at $65,000 after purchasing an additional 2,093 shares during the last quarter. Captrust Financial Advisors acquired a new stake in shares of IGM Biosciences in the second quarter valued at approximately $50,000. Finally, American International Group Inc. increased its holdings in shares of IGM Biosciences by 15.0% in the second quarter. American International Group Inc. now owns 4,684 shares of the company's stock valued at $84,000 after purchasing an additional 612 shares during the last quarter. Hedge funds and other institutional investors own 41.20% of the company's stock.
About IGM Biosciences
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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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