IGM Biosciences (NASDAQ:IGMS) Given New $17.00 Price Target at Royal Bank of Canada

Posted by Defense World Staff on May 16th, 2023

IGM Biosciences (NASDAQ:IGMS – Get Rating) had its target price reduced by Royal Bank of Canada from $21.00 to $17.00 in a report published on Monday morning, The Fly reports.

IGMS has been the topic of a number of other reports. JPMorgan Chase & Co. cut their price objective on IGM Biosciences from $27.00 to $26.00 and set a neutral rating on the stock in a research note on Monday, April 3rd. HC Wainwright dropped their price target on IGM Biosciences from $45.00 to $22.00 and set a buy rating on the stock in a research note on Monday, April 3rd. Truist Financial dropped their price target on IGM Biosciences from $37.00 to $25.00 and set a buy rating on the stock in a research note on Tuesday, April 4th. Finally, Morgan Stanley dropped their price target on IGM Biosciences from $30.00 to $20.00 and set an equal weight rating on the stock in a research note on Monday, April 3rd. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $29.78.

IGM Biosciences Trading Up 6.4 %

Shares of IGMS stock opened at $13.78 on Monday. The business’s 50-day moving average price is $13.93 and its 200-day moving average price is $18.44. IGM Biosciences has a 12 month low of $9.74 and a 12 month high of $28.20. The firm has a market capitalization of $593.67 million, a price-to-earnings ratio of -2.57 and a beta of -0.23.

IGM Biosciences (NASDAQ:IGMS – Get Rating) last posted its quarterly earnings data on Thursday, March 30th. The company reported ($1.19) EPS for the quarter, topping analysts’ consensus estimates of ($1.53) by $0.34. The company had revenue of $0.37 million during the quarter, compared to analyst estimates of $15.27 million. During the same period in the prior year, the firm earned ($1.50) earnings per share. On average, sell-side analysts predict that IGM Biosciences will post -6.01 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Chris H. Takimoto sold 1,768 shares of the business’s stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $18.73, for a total transaction of $33,114.64. Following the completion of the sale, the insider now owns 28,789 shares in the company, valued at $539,217.97. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 55.96% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

Several institutional investors have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC bought a new stake in IGM Biosciences during the first quarter worth $30,000. Two Sigma Investments LP bought a new stake in IGM Biosciences during the first quarter worth $157,000. Deutsche Bank AG grew its holdings in IGM Biosciences by 33.7% during the first quarter. Deutsche Bank AG now owns 7,123 shares of the company’s stock worth $98,000 after buying an additional 1,795 shares in the last quarter. Candriam S.C.A. grew its stake in IGM Biosciences by 18.1% in the 1st quarter. Candriam S.C.A. now owns 187,799 shares of the company’s stock valued at $2,375,000 after purchasing an additional 28,814 shares during the period. Finally, UBS Group AG grew its stake in IGM Biosciences by 21.5% in the 1st quarter. UBS Group AG now owns 4,808 shares of the company’s stock valued at $66,000 after purchasing an additional 850 shares during the period. Institutional investors own 41.41% of the company’s stock.

About IGM Biosciences

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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).