IGM Biosciences (NASDAQ:IGMS) Trading Up 2.4%

IGM Biosciences, Inc. (NASDAQ:IGMS) shares traded up 2.4% on Friday . The company traded as high as $8.70 and last traded at $8.56. 66,839 shares were traded during trading, a decline of 76% from the average session volume of 275,828 shares. The stock had previously closed at $8.36.

Analysts Set New Price Targets

Separately, Royal Bank of Canada upgraded IGM Biosciences from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $9.00 to $21.00 in a research note on Friday, February 9th. Four research 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, IGM Biosciences currently has an average rating of “Moderate Buy” and a consensus price target of $16.89.

IGM Biosciences Trading Up 9.6 %

The stock has a market capitalization of $538.52 million, a PE ratio of -1.90 and a beta of 0.26. The firm has a 50 day moving average price of $11.60 and a 200 day moving average price of $8.71.

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

Insiders Place Their Bets

In other IGM Biosciences news, Director Bros. Advisors Lp Baker purchased 270,000 shares of the business’s 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 purchase, the director now owns 3,638,533 shares of the company’s stock, valued at approximately $30,054,282.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other IGM Biosciences news, CEO Fred Schwarzer sold 4,765 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 transaction of $47,078.20. Following the completion of the transaction, the chief executive officer now owns 220,833 shares of the company’s stock, valued at approximately $2,181,830.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bros. Advisors Lp Baker acquired 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 acquisition, 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. In the last quarter, insiders sold 8,191 shares of company stock worth $80,927. Corporate insiders own 56.91% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. boosted its holdings in shares of IGM Biosciences by 127.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,040,509 shares of the company’s stock valued at $8,647,000 after purchasing an additional 583,516 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of IGM Biosciences by 0.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,260,022 shares of the company’s stock valued at $27,091,000 after acquiring an additional 17,307 shares during the last quarter. Exome Asset Management LLC bought a new position in shares of IGM Biosciences in the 4th quarter valued at about $1,127,000. Virtus ETF Advisers LLC lifted its holdings in shares of IGM Biosciences by 43.7% in the 4th quarter. Virtus ETF Advisers LLC now owns 14,243 shares of the company’s stock valued at $118,000 after acquiring an additional 4,334 shares during the last quarter. Finally, Barclays PLC lifted its holdings in shares of IGM Biosciences by 234.9% in the 4th quarter. Barclays PLC now owns 24,570 shares of the company’s stock valued at $204,000 after acquiring an additional 17,233 shares during the last quarter. Institutional investors 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.