Wedbush Reaffirms “Outperform” Rating for IGM Biosciences (NASDAQ:IGMS)

Wedbush reaffirmed their outperform rating on shares of IGM Biosciences (NASDAQ:IGMS) in a report issued on Wednesday, MarketBeat.com reports. Wedbush currently has a $25.00 price target on the stock, up from their previous price target of $20.00.

Separately, HC Wainwright restated a neutral rating and set a $12.00 target price on shares of IGM Biosciences in a research report on Friday, May 24th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $16.88.

IGM Biosciences Stock Performance

Shares of IGM Biosciences stock opened at $9.15 on Wednesday. The stock has a market cap of $540.07 million, a price-to-earnings ratio of -2.12 and a beta of 0.19. The stock has a 50 day moving average price of $8.70 and a 200-day moving average price of $9.84. IGM Biosciences has a one year low of $3.81 and a one year high of $17.70.

IGM Biosciences (NASDAQ:IGMS) last announced its earnings results on Wednesday, August 14th. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.97). The firm had revenue of $1.25 million during the quarter, compared to analysts’ expectations of $51.75 million. IGM Biosciences had a negative net margin of 11,255.25% and a negative return on equity of 108.07%. Sell-side analysts predict that IGM Biosciences will post -2.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other IGM Biosciences news, CEO Fred Schwarzer sold 4,164 shares of IGM Biosciences stock in a transaction on Friday, June 14th. The stock was sold at an average price of $7.58, for a total transaction of $31,563.12. Following the completion of the sale, the chief executive officer now directly owns 254,070 shares of the company’s stock, valued at approximately $1,925,850.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Fred Schwarzer sold 4,164 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $7.58, for a total value of $31,563.12. Following the completion of the sale, the chief executive officer now owns 254,070 shares of the company’s stock, valued at approximately $1,925,850.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Julie Hambleton sold 15,132 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total transaction of $211,848.00. Following the transaction, the director now owns 2,000 shares in the company, valued at $28,000. The disclosure for this sale can be found here. Insiders have sold a total of 21,361 shares of company stock valued at $259,064 over the last quarter. 57.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IGM Biosciences

A number of hedge funds have recently made changes to their positions in IGMS. Nisa Investment Advisors LLC lifted its position in IGM Biosciences by 7,258.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,900 shares of the company’s stock valued at $32,000 after acquiring an additional 3,847 shares during the last quarter. Quest Partners LLC lifted its holdings in shares of IGM Biosciences by 71.4% during the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after purchasing an additional 4,961 shares during the last quarter. AQR Capital Management LLC acquired a new stake in shares of IGM Biosciences in the 2nd quarter worth $84,000. XTX Topco Ltd increased its position in IGM Biosciences by 70.9% during the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after buying an additional 8,467 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new stake in IGM Biosciences in the first quarter valued at about $152,000. 42.79% of the stock is currently owned by hedge funds and other 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.