IGM Biosciences’ (IGMS) “Buy” Rating Reaffirmed at Truist Financial

Truist Financial reissued their buy rating on shares of IGM Biosciences (NASDAQ:IGMS) in a research report report published on Wednesday morning, Benzinga reports. The firm currently has a $25.00 price objective on the stock.

Several other equities research analysts have also recently issued reports on IGMS. Robert W. Baird cut their price objective on shares of IGM Biosciences from $31.00 to $17.00 in a research report on Monday, August 7th. Morgan Stanley cut their price objective on shares of IGM Biosciences from $20.00 to $15.00 and set an equal weight rating for the company in a research report on Monday, August 7th. Guggenheim cut their price objective on shares of IGM Biosciences from $38.00 to $25.00 in a research report on Monday, August 7th. Wedbush reaffirmed an outperform rating and set a $19.00 target price (down previously from $37.00) on shares of IGM Biosciences in a research note on Friday, August 4th. Finally, HC Wainwright lowered their target price on shares of IGM Biosciences from $22.00 to $17.00 and set a buy rating for the company in a research note on Monday, August 7th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, IGM Biosciences currently has a consensus rating of Moderate Buy and a consensus price target of $23.60.

IGM Biosciences Stock Down 0.6 %

Shares of NASDAQ IGMS opened at $6.66 on Wednesday. The firm has a 50-day simple moving average of $8.84 and a 200-day simple moving average of $12.02. The stock has a market capitalization of $388.74 million, a price-to-earnings ratio of -1.26 and a beta of -0.24. IGM Biosciences has a 52 week low of $6.46 and a 52 week high of $28.20.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results on Thursday, August 3rd. The company reported ($1.43) EPS for the quarter, missing analysts’ consensus estimates of ($1.40) by ($0.03). The business had revenue of $0.45 million during the quarter, compared to analyst estimates of $0.80 million. IGM Biosciences had a negative net margin of 14,007.47% and a negative return on equity of 84.18%. IGM Biosciences’s quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter last year, the company earned ($1.33) earnings per share. As a group, equities research analysts expect that IGM Biosciences will post -5.28 EPS for the current year.

Insider Activity

In other IGM Biosciences news, Director Jakob Haldor Topsoe acquired 3,500 shares of the stock in a transaction dated Thursday, June 29th. The stock was acquired at an average price of $9.10 per share, with a total value of $31,850.00. Following the completion of the purchase, the director now owns 78,144 shares in the company, valued at approximately $711,110.40. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In other IGM Biosciences news, Director Jakob Haldor Topsoe acquired 3,500 shares of the stock in a transaction dated Thursday, June 29th. The stock was acquired at an average price of $9.10 per share, with a total value of $31,850.00. Following the completion of the purchase, the director now owns 78,144 shares in the company, valued at approximately $711,110.40. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director M Kathleen Behrens acquired 112,500 shares of the stock in a transaction dated Monday, June 26th. The stock was acquired at an average cost of $8.00 per share, with a total value of $900,000.00. Following the purchase, the director now owns 330,700 shares of the company’s stock, valued at approximately $2,645,600. The disclosure for this purchase can be found here. Insiders own 56.91% of the company’s stock.

Institutional Trading of IGM Biosciences

Several hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in IGM Biosciences by 16.8% in the second quarter. Price T Rowe Associates Inc. MD now owns 2,622,873 shares of the company’s stock valued at $47,290,000 after acquiring an additional 376,832 shares in the last quarter. Artal Group S.A. raised its holdings in IGM Biosciences by 0.5% in the second quarter. Artal Group S.A. now owns 2,522,244 shares of the company’s stock valued at $23,280,000 after acquiring an additional 12,272 shares in the last quarter. RA Capital Management L.P. acquired a new stake in IGM Biosciences in the second quarter valued at approximately $8,653,000. BlackRock Inc. raised its holdings in IGM Biosciences by 11.2% in the second quarter. BlackRock Inc. now owns 857,171 shares of the company’s stock valued at $7,912,000 after acquiring an additional 86,575 shares in the last quarter. Finally, FMR LLC raised its holdings in IGM Biosciences by 22.4% in the first quarter. FMR LLC now owns 845,591 shares of the company’s stock valued at $11,618,000 after acquiring an additional 154,633 shares in the last quarter. Institutional investors and hedge funds own 56.21% 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, infectious diseases, and autoimmune and inflammatory diseases. The company's product candidate, including imvotamab (IGM-2323), an IgM-based CD20 x CD3 bispecific antibody T cell engager that is in Phase 2 clinical trials for the treatment of B cell non-Hodgkin's lymphoma (NHL).