IGM Biosciences (NASDAQ:IGMS) Announces Earnings Results

IGM Biosciences (NASDAQ:IGMS) posted its quarterly earnings results on Wednesday. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.97), Zacks reports. The company had revenue of $1.25 million during the quarter, compared to the consensus estimate of $51.75 million. IGM Biosciences had a negative net margin of 11,255.25% and a negative return on equity of 108.07%.

IGM Biosciences Stock Performance

NASDAQ:IGMS traded up $0.55 during trading on Thursday, reaching $9.27. The company’s stock had a trading volume of 207,685 shares, compared to its average volume of 315,216. IGM Biosciences has a 12 month low of $3.81 and a 12 month high of $17.70. The firm has a market cap of $547.15 million, a price-to-earnings ratio of -2.14 and a beta of 0.19. The firm has a 50 day moving average of $8.66 and a 200-day moving average of $9.85.

Insider Transactions at IGM Biosciences

In related news, Director Julie Hambleton sold 15,132 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 2,000 shares in the company, valued at $28,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Fred Schwarzer sold 4,164 shares of the firm’s 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 directly owns 254,070 shares of the company’s stock, valued at approximately $1,925,850.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Julie Hambleton sold 15,132 shares of IGM Biosciences 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 owns 2,000 shares of the company’s stock, valued at $28,000. The disclosure for this sale can be found here. Insiders have sold 21,361 shares of company stock worth $259,064 in the last ninety days. Company insiders own 57.00% of the company’s stock.

Analyst Upgrades and Downgrades

IGMS has been the topic of a number of research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $20.00 price target on shares of IGM Biosciences in a research note on Thursday. JPMorgan Chase & Co. lifted their price target on shares of IGM Biosciences from $11.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday. HC Wainwright reaffirmed a “neutral” rating and issued a $12.00 price objective on shares of IGM Biosciences in a research note on Friday, May 24th. Finally, Wedbush restated an “outperform” rating and issued a $25.00 target price (up previously from $20.00) on shares of IGM Biosciences in a report on Wednesday. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $16.88.

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.