IGM Biosciences, Inc. (NASDAQ:IGMS) Sees Significant Increase in Short Interest

IGM Biosciences, Inc. (NASDAQ:IGMSGet Free Report) was the target of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 4,760,000 shares, an increase of 5.5% from the February 29th total of 4,510,000 shares. Based on an average trading volume of 291,100 shares, the short-interest ratio is presently 16.4 days. Currently, 22.9% of the shares of the company are sold short.

Insider Buying and Selling at IGM Biosciences

In other IGM Biosciences news, CFO Misbah Tahir sold 2,897 shares of IGM Biosciences stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total transaction of $28,622.36. Following the completion of the sale, the chief financial officer now directly 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 accessible through this hyperlink. In other news, CFO Misbah Tahir sold 2,897 shares of IGM Biosciences stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total transaction of $28,622.36. Following the completion of the transaction, the chief financial officer now directly owns 92,961 shares of the company’s stock, valued at approximately $918,454.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Bros. Advisors Lp Baker bought 270,000 shares of the business’s stock in a transaction dated Tuesday, March 26th. The shares were purchased at an average cost of $8.26 per share, with a total value of $2,230,200.00. Following the completion of the acquisition, the director now 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 ninety days, insiders sold 8,191 shares of company stock worth $80,927. Company 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 company. Lazard Asset Management LLC purchased a new stake in IGM Biosciences in the 2nd quarter valued at about $26,000. Cubist Systematic Strategies LLC purchased a new stake in shares of IGM Biosciences during the 1st quarter worth about $30,000. Nisa Investment Advisors LLC grew its holdings in shares of 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. Citigroup Inc. grew its holdings in shares of IGM Biosciences by 370.7% during the 2nd quarter. Citigroup Inc. now owns 4,382 shares of the company’s stock worth $40,000 after purchasing an additional 3,451 shares during the period. Finally, Ensign Peak Advisors Inc boosted its holdings in IGM Biosciences by 27.7% in the 3rd quarter. Ensign Peak Advisors Inc now owns 1,890 shares of the company’s stock worth $43,000 after acquiring an additional 410 shares during the period. Institutional investors and hedge funds own 42.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Bank of America cut shares of IGM Biosciences from a “buy” rating to a “neutral” rating and set a $8.00 target price on the stock. in a research note on Friday, December 15th. Royal Bank of Canada raised shares of IGM Biosciences from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $9.00 to $21.00 in a research report on Friday, February 9th. Finally, HC Wainwright cut shares of IGM Biosciences from a “buy” rating to a “neutral” rating and lowered their price target for the company from $11.00 to $7.00 in a research report on Thursday, December 7th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, IGM Biosciences presently has an average rating of “Hold” and an average target price of $17.80.

Check Out Our Latest Stock Analysis on IGM Biosciences

IGM Biosciences Stock Down 3.3 %

Shares of IGM Biosciences stock opened at $9.14 on Wednesday. The firm has a market capitalization of $537.34 million, a P/E ratio of -1.90 and a beta of 0.26. IGM Biosciences has a 52 week low of $3.81 and a 52 week high of $17.70. The firm’s 50 day moving average is $12.00 and its two-hundred day moving average is $8.63.

IGM Biosciences (NASDAQ:IGMSGet Free Report) last posted its quarterly earnings data on Thursday, March 7th. The company reported ($1.01) earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $0.95 million. As a group, research analysts expect that IGM Biosciences will post -3.23 earnings per share for the current fiscal year.

IGM Biosciences Company Profile

(Get Free Report)

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.

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