IGM Biosciences (NASDAQ:IGMS) Stock Price Up 13.8% – Here’s What Happened

IGM Biosciences, Inc. (NASDAQ:IGMS) shot up 13.8% on Monday . The stock traded as high as $10.12 and last traded at $10.12. 2,795 shares changed hands during trading, a decline of 99% from the average session volume of 307,428 shares. The stock had previously closed at $8.89.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. HC Wainwright decreased their price target on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Stifel Nicolaus raised their target price on shares of IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Guggenheim dropped their price target on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Royal Bank of Canada lifted their price target on shares of IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Finally, Wedbush dropped their price objective on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, IGM Biosciences has an average rating of “Hold” and a consensus price target of $16.13.

IGM Biosciences Stock Up 0.6 %

The stock’s 50 day moving average price is $14.39 and its 200 day moving average price is $11.11.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings results on Friday, November 8th. The company reported ($1.01) earnings per share (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 analyst estimates of $0.23 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. As a group, sell-side analysts forecast that IGM Biosciences, Inc. will post -3.28 earnings per share for the current year.

Insider Activity

In other news, CEO Fred Schwarzer sold 3,946 shares of the company’s 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 completion of the transaction, the chief executive officer now directly owns 250,124 shares in the company, valued at approximately $2,886,430.96. This represents a 1.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders sold 5,902 shares of company stock worth $68,109. 57.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IGM Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the business. Quest Partners LLC increased its position in shares of IGM Biosciences by 71.4% in the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after purchasing an additional 4,961 shares during the last quarter. AQR Capital Management LLC acquired a new position in IGM Biosciences in the second quarter worth about $84,000. XTX Topco Ltd increased its holdings in IGM Biosciences by 70.9% in the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after buying an additional 8,467 shares during the last quarter. MetLife Investment Management LLC acquired a new stake in IGM Biosciences during the third quarter valued at approximately $149,000. Finally, Rhumbline Advisers lifted its holdings in IGM Biosciences by 13.1% during the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after buying an additional 2,635 shares during the last quarter. 42.79% of the stock is currently owned by hedge funds and other institutional investors.

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.