IGM Biosciences (NASDAQ:IGMS) PT Lowered to $45.00

IGM Biosciences (NASDAQ:IGMSGet Rating) had its target price decreased by stock analysts at HC Wainwright from $58.00 to $45.00 in a report issued on Monday, The Fly reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target indicates a potential upside of 161.63% from the stock’s previous close.

IGMS has been the topic of several other research reports. Bank of America assumed coverage on shares of IGM Biosciences in a research report on Monday, August 29th. They set a “buy” rating and a $34.00 price target on the stock. JPMorgan Chase & Co. assumed coverage on shares of IGM Biosciences in a research report on Monday, October 17th. They set a “neutral” rating and a $27.00 price target on the stock. Guggenheim reduced their price target on shares of IGM Biosciences to $40.00 in a research report on Monday, August 15th. Royal Bank of Canada reduced their price target on shares of IGM Biosciences from $27.00 to $22.00 and set a “sector perform” rating on the stock in a research report on Friday, November 4th. Finally, Truist Financial reduced their price target on shares of IGM Biosciences from $74.00 to $37.00 and set a “buy” rating on the stock in a research report on Tuesday, August 23rd. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, IGM Biosciences presently has an average rating of “Moderate Buy” and an average target price of $46.82.

IGM Biosciences Price Performance

Shares of IGMS stock opened at $17.20 on Monday. The firm has a market cap of $731.46 million, a PE ratio of -3.03 and a beta of -0.48. The company has a 50-day moving average of $20.12 and a two-hundred day moving average of $18.94. IGM Biosciences has a 1-year low of $12.67 and a 1-year high of $62.80.

IGM Biosciences (NASDAQ:IGMSGet Rating) last announced its earnings results on Monday, August 8th. The company reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($1.44) by $0.11. The company had revenue of $0.37 million for the quarter, compared to analysts’ expectations of $38.91 million. During the same period last year, the business earned ($1.16) EPS. Sell-side analysts anticipate that IGM Biosciences will post -5.86 EPS for the current fiscal year.

Insider Activity at IGM Biosciences

In other IGM Biosciences news, insider Bruce Keyt sold 6,300 shares of the stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $20.71, for a total value of $130,473.00. Following the transaction, the insider now directly owns 39,489 shares in the company, valued at $817,817.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other IGM Biosciences news, insider Bruce Keyt sold 6,300 shares of the stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $20.71, for a total value of $130,473.00. Following the transaction, the insider now directly owns 39,489 shares in the company, valued at $817,817.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael D. Loberg purchased 5,821 shares of the company’s stock in a transaction on Thursday, September 29th. The stock was bought at an average price of $19.62 per share, for a total transaction of $114,208.02. Following the completion of the purchase, the director now directly owns 35,305 shares of the company’s stock, valued at $692,684.10. The disclosure for this purchase can be found here. Insiders have sold a total of 55,000 shares of company stock valued at $1,193,107 over the last 90 days. 55.96% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IGM Biosciences

Hedge funds have recently modified their holdings of the business. Amalgamated Bank purchased a new position in shares of IGM Biosciences during the first quarter worth approximately $36,000. US Bancorp DE grew its position in shares of IGM Biosciences by 608.4% during the first quarter. US Bancorp DE now owns 2,437 shares of the company’s stock worth $65,000 after acquiring an additional 2,093 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of IGM Biosciences during the third quarter worth approximately $62,000. Captrust Financial Advisors purchased a new position in shares of IGM Biosciences during the second quarter worth approximately $50,000. Finally, Quantbot Technologies LP purchased a new position in shares of IGM Biosciences during the third quarter worth approximately $81,000. 41.20% of the stock is currently owned by hedge funds and other institutional investors.

About IGM Biosciences

(Get Rating)

IGM Biosciences, Inc, a biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of cancer, infectious diseases, and autoimmune and inflammatory diseases. The company's lead product candidate is IGM-2323, a bispecific IgM antibody that is in Phase 2 clinical trials to treat patients with relapsed/refractory B cell Non-Hodgkin's lymphoma (NHL).

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