IGM Biosciences, Inc. (NASDAQ:IGMS) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) have earned a consensus rating of “Moderate Buy” from the eight ratings firms that are presently covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $16.89.

A number of brokerages have issued reports on IGMS. Bank of America cut IGM Biosciences from a “buy” rating to a “neutral” rating and set a $8.00 price objective for the company. in a report on Friday, December 15th. Royal Bank of Canada upgraded shares of IGM Biosciences from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $9.00 to $21.00 in a research report on Friday, February 9th.

IGM Biosciences Price Performance

Shares of IGMS stock opened at $8.76 on Tuesday. The stock has a market cap of $515.00 million, a P/E ratio of -1.82 and a beta of 0.26. IGM Biosciences has a one year low of $3.81 and a one year high of $17.70. The stock has a fifty day moving average price of $11.77 and a 200 day moving average price of $8.69.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results on Thursday, March 7th. The company reported ($1.01) EPS for the quarter, topping the consensus estimate of ($1.06) by $0.05. The firm had revenue of $0.65 million during the quarter, compared to analysts’ expectations of $0.95 million. IGM Biosciences had a negative return on equity of 103.20% and a negative net margin of 11,568.83%. Equities research analysts anticipate that IGM Biosciences will post -3.23 EPS for the current year.

Insider Activity

In related news, Director Bros. Advisors Lp Baker purchased 270,000 shares of the stock in a transaction dated Tuesday, March 26th. The stock was bought at an average cost of $8.26 per share, with a total value of $2,230,200.00. Following the purchase, the director now directly owns 3,638,533 shares in the company, valued at approximately $30,054,282.58. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Bros. Advisors Lp Baker purchased 270,000 shares of the stock in a transaction dated Tuesday, March 26th. The stock was bought at an average cost of $8.26 per share, with a total value of $2,230,200.00. Following the purchase, the director now directly owns 3,638,533 shares in the company, valued at approximately $30,054,282.58. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Fred Schwarzer sold 4,765 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total value of $47,078.20. Following the completion of the sale, the chief executive officer now directly 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 a total of 8,191 shares of company stock valued at $80,927 in the last ninety days. 56.91% of the stock is owned by insiders.

Institutional Trading of IGM Biosciences

A number of large investors have recently bought and sold shares of the business. RA Capital Management L.P. acquired a new position in IGM Biosciences during the 2nd quarter worth approximately $8,653,000. Goldman Sachs Group Inc. boosted its position in IGM Biosciences by 127.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,040,509 shares of the company’s stock worth $8,647,000 after acquiring an additional 583,516 shares during the last quarter. Rhenman & Partners Asset Management AB boosted its position in IGM Biosciences by 275.0% during the 3rd quarter. Rhenman & Partners Asset Management AB now owns 750,000 shares of the company’s stock worth $6,262,000 after acquiring an additional 550,000 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of IGM Biosciences by 100.0% in the 1st quarter. Vanguard Group Inc. now owns 830,077 shares of the company’s stock valued at $22,188,000 after buying an additional 415,028 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of IGM Biosciences by 16.8% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,622,873 shares of the company’s stock valued at $47,290,000 after buying an additional 376,832 shares during the last quarter. 42.79% of the stock is owned by institutional investors.

IGM Biosciences Company 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.