IGM Biosciences (NASDAQ:IGMS) has been assigned a consensus broker rating score of 1.00 (Strong Buy) from the four brokers that cover the company, Zacks Investment Research reports. Four analysts have rated the stock with a strong buy recommendation.
Brokers have set a one year consensus price objective of $28.25 for the company and are forecasting that the company will post ($0.36) EPS for the current quarter, according to Zacks. Zacks has also given IGM Biosciences an industry rank of 57 out of 255 based on the ratings given to related companies.
Several brokerages have commented on IGMS. Stifel Nicolaus began coverage on IGM Biosciences in a report on Monday, October 14th. They issued a “buy” rating and a $32.00 price objective on the stock. Jefferies Financial Group began coverage on IGM Biosciences in a report on Monday, October 14th. They issued a “buy” rating and a $25.00 price objective on the stock. Guggenheim began coverage on IGM Biosciences in a report on Monday, October 14th. They issued a “buy” rating and a $30.00 price objective on the stock. Finally, Piper Jaffray Companies began coverage on IGM Biosciences in a report on Sunday, October 13th. They issued an “overweight” rating and a $26.00 price objective on the stock.
IGM Biosciences stock traded down $2.59 during midday trading on Monday, hitting $20.02. 230,100 shares of the company were exchanged, compared to its average volume of 116,156. IGM Biosciences has a fifty-two week low of $16.10 and a fifty-two week high of $28.98. The stock’s fifty day simple moving average is $22.45. The company has a quick ratio of 38.62, a current ratio of 38.62 and a debt-to-equity ratio of 0.03.
IGM Biosciences (NASDAQ:IGMS) last posted its earnings results on Thursday, November 7th. The company reported ($2.41) EPS for the quarter, missing the consensus estimate of ($1.09) by ($1.32). Equities analysts expect that IGM Biosciences will post -3.61 EPS for the current year.
In other news, Director Jakob Haldor Topsoe bought 4,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were acquired at an average price of $20.50 per share, for a total transaction of $82,000.00. Also, major shareholder Topsoe Holding A/S Haldor bought 1,250,000 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was purchased at an average price of $16.00 per share, for a total transaction of $20,000,000.00. Over the last three months, insiders acquired 5,683,475 shares of company stock worth $90,953,600.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dean Capital Investments Management LLC purchased a new position in shares of IGM Biosciences in the third quarter valued at approximately $438,000. Millennium Management LLC purchased a new position in shares of IGM Biosciences in the third quarter valued at approximately $4,504,000. Finally, Redmile Group LLC purchased a new position in shares of IGM Biosciences in the third quarter valued at approximately $55,806,000. Institutional investors and hedge funds own 32.84% of the company’s stock.
About IGM Biosciences
IGM Biosciences, Inc, a biotechnology company, engages in the research and development of engineered Immunoglobulin M (IgM) antibodies for the treatment of cancer patients. The company's lead product candidate is IGM-2323, a bispecific T cell engaging IgM antibody that completed preclinical trials for targeting CD20 and CD3 proteins for the treatment of relapsed/refractory B cell Non-Hodgkin's lymphoma.
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