IGM Biosciences, Inc. (NASDAQ:IGMS – Get Rating)’s stock price gapped down prior to trading on Wednesday after HC Wainwright lowered their price target on the stock from $59.00 to $58.00. The stock had previously closed at $17.26, but opened at $16.38. HC Wainwright currently has a buy rating on the stock. IGM Biosciences shares last traded at $17.05, with a volume of 906 shares changing hands.
Several other research firms have also recently commented on IGMS. Robert W. Baird lowered their target price on shares of IGM Biosciences from $65.00 to $46.00 and set an “outperform” rating on the stock in a research note on Monday, April 4th. Wedbush lowered their target price on shares of IGM Biosciences from $67.00 to $58.00 in a research note on Thursday, March 31st. Zacks Investment Research cut shares of IGM Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, April 2nd. Morgan Stanley raised their target price on shares of IGM Biosciences from $25.00 to $30.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 30th. Finally, Truist Financial lowered their target price on shares of IGM Biosciences from $80.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, March 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $59.10.
In related news, Director Michael D. Loberg purchased 21,739 shares of the company’s stock in a transaction dated Friday, April 1st. The shares were acquired at an average cost of $23.00 per share, with a total value of $499,997.00. Following the completion of the purchase, the director now owns 2,646 shares of the company’s stock, valued at approximately $60,858. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bruce Keyt sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, April 6th. The shares were sold at an average price of $25.00, for a total value of $62,500.00. Following the completion of the sale, the insider now directly owns 40,015 shares in the company, valued at $1,000,375. The disclosure for this sale can be found here. 61.92% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of the company. Morgan Stanley grew its position in shares of IGM Biosciences by 0.8% in the third quarter. Morgan Stanley now owns 45,418 shares of the company’s stock valued at $2,987,000 after purchasing an additional 352 shares during the last quarter. Swiss National Bank lifted its stake in shares of IGM Biosciences by 2.4% in the third quarter. Swiss National Bank now owns 17,000 shares of the company’s stock valued at $1,118,000 after buying an additional 400 shares during the period. Invesco Ltd. lifted its stake in IGM Biosciences by 10.0% during the third quarter. Invesco Ltd. now owns 4,582 shares of the company’s stock worth $301,000 after purchasing an additional 418 shares during the period. Eagle Bay Advisors LLC lifted its stake in IGM Biosciences by 1.3% during the third quarter. Eagle Bay Advisors LLC now owns 35,295 shares of the company’s stock worth $2,321,000 after purchasing an additional 460 shares during the period. Finally, GSA Capital Partners LLP increased its holdings in shares of IGM Biosciences by 10.4% during the third quarter. GSA Capital Partners LLP now owns 5,405 shares of the company’s stock worth $355,000 after buying an additional 509 shares in the last quarter. 42.92% of the stock is currently owned by institutional investors.
The company’s fifty day moving average price is $18.43 and its two-hundred day moving average price is $27.25.
IGM Biosciences (NASDAQ:IGMS – Get Rating) last posted its quarterly earnings data on Tuesday, March 29th. The company reported ($1.50) earnings per share for the quarter, topping the consensus estimate of ($1.58) by $0.08. During the same quarter last year, the business posted ($0.79) EPS. On average, equities research analysts predict that IGM Biosciences, Inc. will post -6.1 earnings per share for the current fiscal year.
About IGM Biosciences (NASDAQ:IGMS)
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).