IGM Biosciences (NASDAQ:IGMS) Releases Quarterly Earnings Results, Misses Estimates By $1.32 EPS

IGM Biosciences (NASDAQ:IGMS) announced its quarterly earnings results on Thursday. The company reported ($2.41) earnings per share for the quarter, missing the consensus estimate of ($1.09) by ($1.32), Zacks reports.

Shares of IGMS traded up $0.53 during mid-day trading on Friday, hitting $23.88. 95,100 shares of the company’s stock were exchanged, compared to its average volume of 102,268. IGM Biosciences has a fifty-two week low of $16.10 and a fifty-two week high of $25.13. The company has a 50-day moving average of $20.01.

In other IGM Biosciences news, Director Jakob Haldor Topsoe purchased 1,285,475 shares of IGM Biosciences stock in a transaction dated Wednesday, September 18th. The shares were acquired at an average price of $16.00 per share, with a total value of $20,567,600.00. Also, Director Bros. Advisors Lp Baker purchased 3,144,000 shares of IGM Biosciences stock in a transaction dated Friday, September 20th. The shares were acquired at an average cost of $16.00 per share, for a total transaction of $50,304,000.00. Insiders have bought 5,683,475 shares of company stock worth $90,953,600 in the last three months.

IGMS has been the topic of several recent research reports. Stifel Nicolaus initiated coverage on shares of IGM Biosciences in a research report on Monday, October 14th. They set a “buy” rating and a $32.00 price target on the stock. Piper Jaffray Companies initiated coverage on shares of IGM Biosciences in a research report on Sunday, October 13th. They issued an “overweight” rating and a $26.00 target price on the stock. Jefferies Financial Group began coverage on shares of IGM Biosciences in a research report on Monday, October 14th. They issued a “buy” rating and a $25.00 target price on the stock. Finally, Guggenheim began coverage on shares of IGM Biosciences in a research report on Monday, October 14th. They set a “buy” rating and a $30.00 price target on the stock.

About IGM Biosciences

IGM Biosciences, Inc, a biotechnology company, engages in the research and development of engineered Immunoglobulin M (IgM) antibodies for the treatment of cancer patients. The company's lead product candidate is IGM-2323, a bispecific T cell engaging IgM antibody that completed preclinical trials for targeting CD20 and CD3 proteins for the treatment of relapsed/refractory B cell Non-Hodgkin's lymphoma.

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