IGM Biosciences (NASDAQ:IGMS) Given “Neutral” Rating at HC Wainwright

HC Wainwright reissued their neutral rating on shares of IGM Biosciences (NASDAQ:IGMSFree Report) in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a $12.00 price target on the stock.

Separately, Royal Bank of Canada raised IGM Biosciences from a sector perform rating to an outperform rating and upped their price target for the company from $9.00 to $21.00 in a research report on Friday, February 9th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $17.44.

Check Out Our Latest Research Report on IGMS

IGM Biosciences Stock Down 2.8 %

Shares of IGMS opened at $7.20 on Thursday. The business’s 50 day moving average is $11.18 and its two-hundred day moving average is $8.75. IGM Biosciences has a 52-week low of $3.81 and a 52-week high of $17.70. The firm has a market cap of $423.27 million, a price-to-earnings ratio of -1.50 and a beta of 0.26.

IGM Biosciences (NASDAQ:IGMSGet Free Report) last announced its earnings results on Thursday, March 7th. The company reported ($1.01) earnings per share (EPS) for the quarter, beating 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 company had revenue of $0.65 million for the quarter, compared to analyst estimates of $0.95 million. On average, equities analysts expect that IGM Biosciences will post -3.23 earnings per share for the current fiscal year.

Insider Transactions at IGM Biosciences

In other news, Director Bros. Advisors Lp Baker purchased 97,473 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were bought at an average price of $9.62 per share, for a total transaction of $937,690.26. Following the completion of the purchase, the director now owns 3,753,480 shares of the company’s stock, valued at $36,108,477.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other IGM Biosciences news, Director Bros. Advisors Lp Baker bought 97,473 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were purchased at an average price of $9.62 per share, with a total value of $937,690.26. Following the purchase, the director now directly owns 3,753,480 shares of the company’s stock, valued at $36,108,477.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Misbah Tahir sold 2,897 shares of the business’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $9.88, for a total value of $28,622.36. Following the transaction, the chief financial officer now owns 92,961 shares of the company’s stock, valued at approximately $918,454.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 8,191 shares of company stock worth $80,927. Insiders own 56.91% of the company’s stock.

Hedge Funds Weigh In On IGM Biosciences

Hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. grew its stake in shares of IGM Biosciences by 127.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,040,509 shares of the company’s stock worth $8,647,000 after purchasing an additional 583,516 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of IGM Biosciences by 0.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,260,022 shares of the company’s stock valued at $27,091,000 after acquiring an additional 17,307 shares during the last quarter. Exome Asset Management LLC bought a new stake in shares of IGM Biosciences during the 4th quarter worth $1,127,000. Virtus ETF Advisers LLC grew its holdings in shares of IGM Biosciences by 43.7% in the 4th quarter. Virtus ETF Advisers LLC now owns 14,243 shares of the company’s stock worth $118,000 after acquiring an additional 4,334 shares during the last quarter. Finally, Barclays PLC raised its position in shares of IGM Biosciences by 234.9% during the fourth quarter. Barclays PLC now owns 24,570 shares of the company’s stock worth $204,000 after purchasing an additional 17,233 shares during the period. 42.79% of the stock is currently owned by institutional investors and hedge funds.

About IGM Biosciences

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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.

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