IGM Biosciences (NASDAQ:IGMS) Shares Gap Down to $10.07

IGM Biosciences, Inc. (NASDAQ:IGMS)’s share price gapped down before the market opened on Monday . The stock had previously closed at $10.07, but opened at $9.85. IGM Biosciences shares last traded at $9.94, with a volume of 15,541 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. HC Wainwright restated a “neutral” rating and set a $12.00 price objective on shares of IGM Biosciences in a research report on Thursday, April 18th. Royal Bank of Canada upgraded IGM Biosciences from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $9.00 to $21.00 in a research 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 data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $17.44.

IGM Biosciences Trading Down 1.0 %

The firm has a fifty day moving average of $9.71 and a two-hundred day moving average of $9.09. The company has a market capitalization of $583.78 million, a PE ratio of -2.06 and a beta of 0.27.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings data on Thursday, March 7th. The company reported ($1.01) earnings per share 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 firm had revenue of $0.65 million during the quarter, compared to analyst estimates of $0.95 million. On average, equities analysts expect that IGM Biosciences, Inc. will post -3.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Bros. Advisors Lp Baker bought 270,000 shares of the company’s stock in a transaction dated Tuesday, March 26th. The stock was bought at an average cost of $8.26 per share, for a total transaction of $2,230,200.00. Following the completion of the acquisition, the director now owns 3,638,533 shares in the company, valued at approximately $30,054,282.58. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other IGM Biosciences news, CEO Fred Schwarzer sold 4,765 shares of IGM Biosciences stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $9.88, for a total value of $47,078.20. Following the completion of the sale, the chief executive officer now owns 220,833 shares of the company’s stock, valued at approximately $2,181,830.04. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Bros. Advisors Lp Baker purchased 270,000 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The stock was acquired at an average price of $8.26 per share, with a total value of $2,230,200.00. Following the purchase, the director now directly owns 3,638,533 shares of the company’s stock, valued at $30,054,282.58. The disclosure for this purchase can be found here. Insiders have sold a total of 8,191 shares of company stock valued at $80,927 in the last quarter. Insiders own 56.91% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

Several large investors have recently bought and sold shares of the business. Hudson Bay Capital Management LP purchased a new stake in shares of IGM Biosciences during the 3rd quarter valued at about $1,038,000. Nisa Investment Advisors LLC lifted its position in IGM Biosciences by 7,258.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,900 shares of the company’s stock valued at $32,000 after purchasing an additional 3,847 shares during the period. GSA Capital Partners LLP boosted its holdings in IGM Biosciences by 24.7% in the third quarter. GSA Capital Partners LLP now owns 133,276 shares of the company’s stock worth $1,113,000 after purchasing an additional 26,358 shares during the last quarter. Rhenman & Partners Asset Management AB grew its position in IGM Biosciences by 275.0% in the 3rd quarter. Rhenman & Partners Asset Management AB now owns 750,000 shares of the company’s stock worth $6,262,000 after purchasing an additional 550,000 shares during the period. Finally, Exchange Traded Concepts LLC raised its stake in IGM Biosciences by 34.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 19,048 shares of the company’s stock valued at $158,000 after buying an additional 4,830 shares during the last quarter. 42.79% of the stock is currently owned by institutional investors.

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.