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

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock 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 changing hands.

Wall Street Analysts Forecast Growth

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

IGM Biosciences Stock Performance

The firm has a market capitalization of $583.78 million, a P/E ratio of -2.06 and a beta of 0.27. The stock has a 50 day moving average of $9.71 and a two-hundred day moving average of $9.09.

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

Insider Buying and Selling

In other IGM Biosciences news, Director Bros. Advisors Lp Baker purchased 270,000 shares of the company’s stock in a transaction on Tuesday, March 26th. The shares were bought at an average cost of $8.26 per share, with a total value of $2,230,200.00. Following 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 document filed with the SEC, which is available at this hyperlink. In related news, CFO Misbah Tahir sold 2,897 shares of the stock in a transaction dated 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 owns 92,961 shares in the company, valued at $918,454.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Bros. Advisors Lp Baker purchased 270,000 shares of the business’s stock in a transaction on Tuesday, March 26th. The stock was purchased at an average cost of $8.26 per share, with a total value of $2,230,200.00. Following the acquisition, the director now owns 3,638,533 shares in the company, valued at $30,054,282.58. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 8,191 shares of company stock valued at $80,927. Insiders own 56.91% of the company’s stock.

Institutional Trading of IGM Biosciences

Institutional investors and hedge funds have recently modified their holdings of the company. Rhenman & Partners Asset Management AB boosted its position in shares of IGM Biosciences by 275.0% during the third quarter. Rhenman & Partners Asset Management AB now owns 750,000 shares of the company’s stock worth $6,262,000 after buying an additional 550,000 shares during the period. GSA Capital Partners LLP grew its stake in shares of IGM Biosciences by 24.7% during the 3rd quarter. GSA Capital Partners LLP now owns 133,276 shares of the company’s stock worth $1,113,000 after acquiring an additional 26,358 shares in the last quarter. Hudson Bay Capital Management LP bought a new stake in shares of IGM Biosciences in the third quarter worth $1,038,000. TD Asset Management Inc boosted its holdings in IGM Biosciences by 100.0% during the third quarter. TD Asset Management Inc now owns 83,452 shares of the company’s stock worth $697,000 after purchasing an additional 41,726 shares during the last quarter. Finally, Pennant Investors LP bought a new position in IGM Biosciences in the fourth quarter valued at $539,000. 42.79% of the stock is currently owned by institutional investors.

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.