IGM Biosciences (NASDAQ:IGMS) Shares Up 13.7%

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

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on IGMS. Royal Bank of Canada raised shares of IGM Biosciences from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $9.00 to $21.00 in a research note on Friday, February 9th. HC Wainwright reaffirmed a “neutral” rating and set a $12.00 target price on shares of IGM Biosciences in a research note on Thursday, April 18th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, IGM Biosciences presently has a consensus rating of “Moderate Buy” and an average price target of $17.44.

IGM Biosciences Stock Performance

The stock’s 50-day simple moving average is $10.36 and its 200 day simple moving average is $8.81. The company has a market capitalization of $552.63 million, a PE ratio of -1.95 and a beta of 0.26.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data on Thursday, March 7th. The company reported ($1.01) 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 company had revenue of $0.65 million for the quarter, compared to the consensus estimate of $0.95 million. On average, analysts expect that IGM Biosciences, Inc. will post -3.23 earnings per share for the current year.

Insider Buying and Selling at IGM Biosciences

In other news, CFO Misbah Tahir sold 2,897 shares of the company’s 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 transaction, the chief financial officer now owns 92,961 shares in the company, valued at approximately $918,454.68. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Misbah Tahir sold 2,897 shares of the company’s 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 transaction, the chief financial officer now owns 92,961 shares in the company, valued at approximately $918,454.68. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Bros. Advisors Lp Baker bought 97,473 shares of the stock in a transaction dated Thursday, March 28th. The stock was bought at an average price of $9.62 per share, with a total value of $937,690.26. Following the acquisition, the director now owns 3,753,480 shares in the company, valued at approximately $36,108,477.60. The disclosure for this purchase can be found here. In the last three months, insiders have 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

A number of large investors have recently bought and sold shares of the business. Pennant Investors LP acquired a new stake in IGM Biosciences during the 4th quarter worth $539,000. Panagora Asset Management Inc. acquired a new stake in IGM Biosciences during the 4th quarter worth $252,000. Nisa Investment Advisors LLC boosted its stake in IGM Biosciences by 7,258.5% during 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. Exchange Traded Concepts LLC boosted its stake in IGM Biosciences by 34.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 19,048 shares of the company’s stock worth $158,000 after purchasing an additional 4,830 shares during the period. Finally, Hudson Bay Capital Management LP acquired a new stake in IGM Biosciences during the 3rd quarter worth $1,038,000. Institutional investors and hedge funds own 42.79% of the company’s stock.

About IGM Biosciences

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.