IGM Biosciences (NASDAQ:IGMS) Shares Up 13.7%

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock price traded up 13.7% on Friday . The company traded as high as $8.78 and last traded at $8.70. 192,390 shares were traded during mid-day trading, a decline of 33% from the average session volume of 286,018 shares. The stock had previously closed at $7.65.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Royal Bank of Canada upgraded shares of IGM Biosciences from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $9.00 to $21.00 in a research note on Friday, February 9th. HC Wainwright restated a “neutral” rating and issued a $12.00 target price on shares of IGM Biosciences in a report on Thursday, April 18th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $17.44.

IGM Biosciences Trading Up 22.9 %

The stock has a market cap of $552.63 million, a P/E ratio of -1.71 and a beta of 0.26. The company’s 50 day moving average price is $10.52 and its two-hundred day moving average price is $8.75.

IGM Biosciences (NASDAQ:IGMS) last announced its earnings results on Thursday, March 7th. The company reported ($1.01) EPS for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.05. The business had revenue of $0.65 million during the quarter, compared to analysts’ expectations of $0.95 million. IGM Biosciences had a negative net margin of 11,568.83% and a negative return on equity of 103.20%. On average, sell-side analysts anticipate that IGM Biosciences, Inc. will post -3.23 earnings per share for the current year.

Insider Transactions at IGM Biosciences

In related news, Director Bros. Advisors Lp Baker purchased 270,000 shares of IGM Biosciences stock in a transaction on Tuesday, March 26th. The stock was acquired at an average price of $8.26 per share, for a total transaction of $2,230,200.00. Following the completion of the transaction, the director now directly owns 3,638,533 shares in the company, valued at approximately $30,054,282.58. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Misbah Tahir sold 2,897 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total value of $28,622.36. Following the completion of the sale, the chief financial officer now directly owns 92,961 shares of the company’s stock, valued at $918,454.68. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Bros. Advisors Lp Baker acquired 270,000 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The shares were purchased at an average price of $8.26 per share, for a total transaction of $2,230,200.00. Following the completion of the transaction, the director now directly owns 3,638,533 shares in the company, valued at $30,054,282.58. The disclosure for this purchase can be found here. Insiders sold 8,191 shares of company stock worth $80,927 in the last three months. Corporate insiders own 56.91% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of IGMS. Nisa Investment Advisors LLC boosted its stake in IGM Biosciences by 7,258.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,900 shares of the company’s stock worth $32,000 after purchasing an additional 3,847 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in shares of IGM Biosciences in the third quarter worth $50,000. Pale Fire Capital SE bought a new position in shares of IGM Biosciences during the third quarter worth $105,000. Exchange Traded Concepts LLC grew its stake in IGM Biosciences by 34.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 19,048 shares of the company’s stock valued at $158,000 after acquiring an additional 4,830 shares in the last quarter. Finally, Panagora Asset Management Inc. bought a new stake in IGM Biosciences in the 4th quarter valued at $252,000. Institutional investors own 42.79% of the company’s stock.

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.