IGM Biosciences, Inc. (NASDAQ:IGMS) Sees Significant Increase in Short Interest

IGM Biosciences, Inc. (NASDAQ:IGMS) was the target of a significant growth in short interest in March. As of March 31st, there was short interest totalling 5,220,000 shares, a growth of 9.7% from the March 15th total of 4,760,000 shares. Based on an average daily volume of 281,700 shares, the short-interest ratio is presently 18.5 days. Currently, 25.1% of the shares of the stock are short sold.

Analyst Ratings Changes

Separately, Royal Bank of Canada upgraded shares of IGM Biosciences from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $9.00 to $21.00 in a report on Friday, February 9th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $16.89.

Insider Activity

In related news, CFO Misbah Tahir sold 2,897 shares of IGM Biosciences stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $9.88, for a total transaction of $28,622.36. Following the transaction, the chief financial officer now owns 92,961 shares in the company, valued at $918,454.68. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CFO Misbah Tahir sold 2,897 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total transaction of $28,622.36. Following the completion of the sale, the chief financial officer now directly owns 92,961 shares in the company, valued at $918,454.68. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Fred Schwarzer sold 4,765 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total transaction of $47,078.20. Following the completion of the sale, the chief executive officer now directly owns 220,833 shares of the company’s stock, valued at approximately $2,181,830.04. The disclosure for this sale can be found here. Insiders sold 8,191 shares of company stock worth $80,927 over the last ninety days. Corporate insiders own 56.91% of the company’s stock.

Institutional Trading of IGM Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of IGMS. Goldman Sachs Group Inc. raised its stake in IGM Biosciences by 127.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,040,509 shares of the company’s stock worth $8,647,000 after acquiring an additional 583,516 shares in the last quarter. Rhenman & Partners Asset Management AB lifted its stake in IGM Biosciences by 275.0% in the third quarter. Rhenman & Partners Asset Management AB now owns 750,000 shares of the company’s stock valued at $6,262,000 after buying an additional 550,000 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of IGM Biosciences by 100.0% in the first quarter. Vanguard Group Inc. now owns 830,077 shares of the company’s stock valued at $22,188,000 after acquiring an additional 415,028 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of IGM Biosciences by 16.8% during the second quarter. Price T Rowe Associates Inc. MD now owns 2,622,873 shares of the company’s stock worth $47,290,000 after acquiring an additional 376,832 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of IGM Biosciences by 166.3% in the 2nd quarter. Millennium Management LLC now owns 589,401 shares of the company’s stock valued at $10,627,000 after acquiring an additional 368,089 shares during the period. 42.79% of the stock is currently owned by institutional investors and hedge funds.

IGM Biosciences Stock Up 7.0 %

IGM Biosciences stock opened at $9.84 on Wednesday. The stock’s fifty day simple moving average is $11.49 and its 200-day simple moving average is $8.73. IGM Biosciences has a twelve month low of $3.81 and a twelve month high of $17.70.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data on Thursday, March 7th. The company reported ($1.01) EPS for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.05. IGM Biosciences had a negative return on equity of 103.20% and a negative net margin of 11,568.83%. The business had revenue of $0.65 million during the quarter, compared to the consensus estimate of $0.95 million. On average, analysts predict that IGM Biosciences will post -3.23 earnings per share for the current fiscal year.

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.