IGM Biosciences, Inc. (NASDAQ:IGMS – Get Rating)’s stock price gapped down before the market opened on Friday after Royal Bank of Canada lowered their price target on the stock from $24.00 to $21.00. The stock had previously closed at $17.02, but opened at $15.50. IGM Biosciences shares last traded at $16.06, with a volume of 105,785 shares.
Insiders Place Their Bets
In other IGM Biosciences news, insider Chris H. Takimoto sold 1,768 shares of the company’s stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $18.73, for a total value of $33,114.64. Following the completion of the transaction, the insider now owns 28,789 shares in the company, valued at approximately $539,217.97. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 55.96% of the stock is owned by company insiders.
Hedge Funds Weigh In On IGM Biosciences
Several institutional investors and hedge funds have recently made changes to their positions in IGMS. Vanguard Group Inc. boosted its stake in shares of IGM Biosciences by 100.0% during the 1st quarter. Vanguard Group Inc. now owns 830,077 shares of the company’s stock valued at $22,188,000 after buying an additional 415,028 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of IGM Biosciences by 16.8% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,622,873 shares of the company’s stock valued at $47,290,000 after acquiring an additional 376,832 shares in the last quarter. Millennium Management LLC raised its position in shares of IGM Biosciences by 166.3% during the 2nd quarter. Millennium Management LLC now owns 589,401 shares of the company’s stock valued at $10,627,000 after acquiring an additional 368,089 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of IGM Biosciences by 636.5% during the 4th quarter. Renaissance Technologies LLC now owns 92,800 shares of the company’s stock valued at $1,579,000 after acquiring an additional 80,200 shares in the last quarter. Finally, Rhenman & Partners Asset Management AB acquired a new stake in shares of IGM Biosciences during the 4th quarter valued at approximately $850,000. 41.41% of the stock is currently owned by hedge funds and other institutional investors.
IGM Biosciences Trading Down 6.8 %
The firm has a market capitalization of $679.71 million, a price-to-earnings ratio of -2.78 and a beta of -0.15. The company has a 50-day moving average of $20.81 and a 200-day moving average of $20.44.
IGM Biosciences (NASDAQ:IGMS – Get Rating) last issued its earnings results on Thursday, March 30th. The company reported ($1.19) earnings per share for the quarter, topping the consensus estimate of ($1.53) by $0.34. The company had revenue of $0.37 million during the quarter, compared to analyst estimates of $15.27 million. During the same period in the prior year, the business earned ($1.50) earnings per share. On average, research analysts forecast that IGM Biosciences, Inc. will post -5.73 earnings per share for the current year.
IGM Biosciences Company Profile
IGM Biosciences, Inc, a biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of cancer, infectious diseases, and autoimmune and inflammatory diseases. The company’s lead product candidate is IGM-2323, a bispecific IgM antibody that is in Phase 2 clinical trials to treat patients with relapsed/refractory B cell Non-Hodgkin’s lymphoma (NHL).