Shares of IGM Biosciences, Inc. (NASDAQ:IGMS – Get Rating) gapped up before the market opened on Tuesday . The stock had previously closed at $18.76, but opened at $20.16. IGM Biosciences shares last traded at $20.10, with a volume of 498 shares trading hands.
Analysts Set New Price Targets
IGMS has been the topic of several research analyst reports. Robert W. Baird decreased their price objective on shares of IGM Biosciences from $46.00 to $31.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 1st. Bank of America began coverage on shares of IGM Biosciences in a report on Monday, August 29th. They set a "buy" rating and a $34.00 price objective on the stock. Guggenheim reduced their target price on shares of IGM Biosciences to $40.00 in a research report on Monday, August 15th. Finally, Truist Financial dropped their price objective on shares of IGM Biosciences from $74.00 to $37.00 and set a "buy" rating for the company in a research report on Tuesday, August 23rd. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $53.00.
Get IGM Biosciences alerts:IGM Biosciences Stock Performance
The firm's 50-day simple moving average is $20.28 and its 200 day simple moving average is $18.81. The company has a market cap of $839.12 million, a P/E ratio of -3.54 and a beta of -0.32.
IGM Biosciences (NASDAQ:IGMS – Get Rating) last released its quarterly earnings data on Monday, August 8th. The company reported ($1.33) EPS for the quarter, beating analysts' consensus estimates of ($1.44) by $0.11. The company had revenue of $0.37 million during the quarter, compared to the consensus estimate of $38.91 million. During the same quarter in the prior year, the company posted ($1.16) EPS. As a group, research analysts forecast that IGM Biosciences, Inc. will post -5.82 earnings per share for the current year.Insider Activity at IGM Biosciences
In related news, insider Bruce Keyt sold 8,700 shares of the business's stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $22.82, for a total transaction of $198,534.00. Following the completion of the transaction, the insider now owns 39,489 shares in the company, valued at $901,138.98. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 30,000 shares of company stock worth $622,107 in the last ninety days. Company insiders own 55.96% of the company's stock.
Hedge Funds Weigh In On IGM Biosciences
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Point72 Hong Kong Ltd bought a new stake in shares of IGM Biosciences in the 4th quarter valued at $34,000. Amalgamated Bank bought a new stake in shares of IGM Biosciences in the first quarter worth about $36,000. Captrust Financial Advisors acquired a new stake in shares of IGM Biosciences during the second quarter worth about $50,000. US Bancorp DE lifted its holdings in shares of IGM Biosciences by 608.4% during the 1st 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 in the last quarter. Finally, American International Group Inc. grew its position in shares of IGM Biosciences by 15.0% in the 2nd 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 period. 41.20% of the stock is owned by institutional investors.
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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