IGM Biosciences (NASDAQ:IGMS) Trading Down 12.4%

IGM Biosciences, Inc. (NASDAQ:IGMS)’s share price dropped 12.4% on Thursday . The stock traded as low as $9.78 and last traded at $9.78. Approximately 98,821 shares were traded during trading, a decline of 69% from the average daily volume of 320,380 shares. The stock had previously closed at $11.16.

Wall Street Analysts Forecast Growth

IGMS has been the topic of several recent analyst reports. Wedbush restated an “outperform” rating and set a $20.00 price objective on shares of IGM Biosciences in a research note on Thursday, May 9th. HC Wainwright reiterated a “neutral” rating and issued a $12.00 price target on shares of IGM Biosciences in a research note on Friday, May 24th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, IGM Biosciences has an average rating of “Moderate Buy” and a consensus target price of $17.89.

IGM Biosciences Stock Performance

The stock’s fifty day moving average price is $8.67 and its two-hundred day moving average price is $9.98. The company has a market cap of $571.31 million, a P/E ratio of -2.59 and a beta of 0.20.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.83) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.01. IGM Biosciences had a negative net margin of 11,255.25% and a negative return on equity of 108.07%. The company had revenue of $0.50 million during the quarter, compared to the consensus estimate of $0.71 million. On average, equities research analysts forecast that IGM Biosciences, Inc. will post -2.31 EPS for the current year.

Insider Activity at IGM Biosciences

In related news, CEO Fred Schwarzer sold 4,164 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $7.58, for a total value of $31,563.12. Following the completion of the transaction, the chief executive officer now owns 254,070 shares of the company’s stock, valued at approximately $1,925,850.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Fred Schwarzer sold 4,164 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $7.58, for a total value of $31,563.12. Following the completion of the transaction, the chief executive officer now owns 254,070 shares of the company’s stock, valued at approximately $1,925,850.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Julie Hambleton sold 15,132 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total transaction of $211,848.00. Following the completion of the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $28,000. The disclosure for this sale can be found here. Insiders sold a total of 21,361 shares of company stock valued at $259,064 in the last quarter. Insiders own 57.00% of the company’s stock.

Hedge Funds Weigh In On IGM Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC increased its position in shares of IGM Biosciences by 7,258.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,900 shares of the company’s stock worth $32,000 after buying an additional 3,847 shares during the period. Panagora Asset Management Inc. bought a new position in IGM Biosciences during the fourth quarter worth $252,000. Susquehanna Fundamental Investments LLC bought a new position in IGM Biosciences during the first quarter worth $268,000. Pennant Investors LP bought a new position in IGM Biosciences during the fourth quarter worth $539,000. Finally, Redmile Group LLC boosted its stake in IGM Biosciences by 3.4% during the first quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock worth $29,649,000 after acquiring an additional 100,936 shares in the last quarter. 42.79% of the stock is currently owned by institutional investors and hedge funds.

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.