IGM Biosciences (NASDAQ:IGMS) Shares Up 13.7%

IGM Biosciences, Inc. (NASDAQ:IGMS) shares were up 13.7% on Friday . The stock traded as high as $8.78 and last traded at $8.70. Approximately 192,390 shares traded hands during trading, a decline of 33% from the average daily volume of 286,018 shares. The stock had previously closed at $7.65.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on IGMS shares. Royal Bank of Canada upgraded shares of IGM Biosciences from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $9.00 to $21.00 in a research note on Friday, February 9th. HC Wainwright reiterated a “neutral” rating and set a $12.00 price objective on shares of IGM Biosciences in a research note on Thursday, April 18th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $17.44.

IGM Biosciences Stock Up 22.9 %

The firm’s 50 day simple moving average is $10.36 and its 200 day simple moving average is $8.81. The company has a market cap of $552.63 million, a price-to-earnings ratio of -1.95 and a beta of 0.26.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings results on Thursday, March 7th. The company reported ($1.01) EPS for the quarter, beating the consensus estimate of ($1.06) by $0.05. IGM Biosciences had a negative net margin of 11,568.83% and a negative return on equity of 103.20%. The company had revenue of $0.65 million for the quarter, compared to analyst estimates of $0.95 million. Analysts anticipate that IGM Biosciences, Inc. will post -3.23 EPS for the current fiscal year.

Insider Activity

In related news, Director Bros. Advisors Lp Baker acquired 270,000 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The stock was acquired at an average cost of $8.26 per share, for a total transaction of $2,230,200.00. Following the completion of the acquisition, the director now directly owns 3,638,533 shares of the company’s stock, valued at approximately $30,054,282.58. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Bros. Advisors Lp Baker acquired 270,000 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The stock was acquired at an average cost of $8.26 per share, for a total transaction of $2,230,200.00. Following the completion of the acquisition, the director now directly owns 3,638,533 shares of the company’s stock, valued at approximately $30,054,282.58. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Fred Schwarzer sold 4,765 shares of the 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 $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 $2,181,830.04. The disclosure for this sale can be found here. Insiders sold 8,191 shares of company stock worth $80,927 over the last three months. Corporate insiders own 56.91% of the company’s stock.

Institutional Trading of IGM Biosciences

A number of large investors have recently added to or reduced their stakes in IGMS. Rhenman & Partners Asset Management AB boosted its holdings in IGM Biosciences by 275.0% during the third quarter. Rhenman & Partners Asset Management AB now owns 750,000 shares of the company’s stock worth $6,262,000 after buying an additional 550,000 shares in the last quarter. Hudson Bay Capital Management LP bought a new stake in IGM Biosciences during the third quarter worth approximately $1,038,000. Pennant Investors LP bought a new stake in IGM Biosciences during the fourth quarter worth approximately $539,000. TD Asset Management Inc boosted its holdings in IGM Biosciences by 100.0% during the third quarter. TD Asset Management Inc now owns 83,452 shares of the company’s stock worth $697,000 after buying an additional 41,726 shares in the last quarter. Finally, Panagora Asset Management Inc. bought a new stake in IGM Biosciences during the fourth quarter worth approximately $252,000. 42.79% of the stock is currently owned by institutional investors.

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.