Renaissance Technologies LLC Raises Stock Holdings in IGM Biosciences, Inc. (NASDAQ:IGMS)

Renaissance Technologies LLC raised its position in shares of IGM Biosciences, Inc. (NASDAQ:IGMS) by 14.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 75,800 shares of the company’s stock after buying an additional 9,300 shares during the period. Renaissance Technologies LLC owned about 0.13% of IGM Biosciences worth $463,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in shares of IGM Biosciences by 3.4% during the fourth quarter. Geode Capital Management LLC now owns 409,133 shares of the company’s stock worth $2,501,000 after purchasing an additional 13,334 shares during the period. Charles Schwab Investment Management Inc. raised its position in IGM Biosciences by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 157,843 shares of the company’s stock valued at $964,000 after purchasing an additional 9,441 shares during the last quarter. China Universal Asset Management Co. Ltd. purchased a new stake in IGM Biosciences in the 4th quarter worth approximately $44,000. Finally, Barclays PLC grew its position in shares of IGM Biosciences by 48.4% in the 3rd quarter. Barclays PLC now owns 21,554 shares of the company’s stock worth $356,000 after buying an additional 7,027 shares during the last quarter. Institutional investors own 42.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on IGMS. Morgan Stanley downgraded IGM Biosciences from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $12.00 to $2.00 in a report on Friday, January 10th. BMO Capital Markets restated a “market perform” rating and issued a $2.00 price objective (down from $21.00) on shares of IGM Biosciences in a report on Friday, January 10th. JPMorgan Chase & Co. raised shares of IGM Biosciences from an “underweight” rating to a “neutral” rating in a research note on Monday, January 13th. Stifel Nicolaus downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and decreased their price target for the stock from $27.00 to $2.50 in a research note on Friday, January 10th. Finally, Truist Financial cut their price objective on IGM Biosciences from $12.00 to $2.00 and set a “hold” rating on the stock in a research report on Friday, January 10th. One investment analyst has rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $5.50.

IGM Biosciences Stock Performance

Shares of NASDAQ IGMS opened at $1.35 on Friday. The company has a 50 day simple moving average of $1.25 and a two-hundred day simple moving average of $5.28. IGM Biosciences, Inc. has a fifty-two week low of $0.92 and a fifty-two week high of $22.50. The company has a market capitalization of $80.70 million, a price-to-earnings ratio of -0.37 and a beta of 0.58.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data on Thursday, March 6th. The company reported ($0.61) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.74) by $0.13. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The company had revenue of $0.41 million during the quarter, compared to analyst estimates of $0.39 million. On average, analysts forecast that IGM Biosciences, Inc. will post -3.35 earnings per share for the current fiscal year.

IGM Biosciences Profile

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.