IGM Biosciences, Inc. (NASDAQ:IGMS) CEO Fred Schwarzer Sells 3,946 Shares

IGM Biosciences, Inc. (NASDAQ:IGMS) CEO Fred Schwarzer sold 3,946 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the completion of the transaction, the chief executive officer now directly owns 250,124 shares in the company, valued at $2,886,430.96. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

IGM Biosciences Price Performance

Shares of IGMS traded up $1.84 during mid-day trading on Tuesday, reaching $17.68. 2,272,958 shares of the company’s stock traded hands, compared to its average volume of 309,910. The stock has a market cap of $1.04 billion, a P/E ratio of -4.10 and a beta of 0.19. IGM Biosciences, Inc. has a 12 month low of $3.81 and a 12 month high of $22.50. The stock’s 50-day moving average is $10.45 and its two-hundred day moving average is $9.39.

IGM Biosciences (NASDAQ:IGMS) last announced its earnings results on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.97). The firm had revenue of $1.25 million during the quarter, compared to the consensus estimate of $51.75 million. IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. Research analysts predict that IGM Biosciences, Inc. will post -3.13 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on IGMS. JPMorgan Chase & Co. increased their price target on IGM Biosciences from $11.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. HC Wainwright lowered their target price on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of IGM Biosciences in a research note on Thursday, August 15th. Truist Financial lowered their price target on shares of IGM Biosciences from $25.00 to $24.00 and set a “buy” rating for the company in a report on Friday, August 23rd. Finally, Wedbush reiterated an “outperform” rating and issued a $25.00 price objective (up previously from $20.00) on shares of IGM Biosciences in a report on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $16.63.

Institutional Investors Weigh In On IGM Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. acquired a new stake in IGM Biosciences during the 2nd quarter worth $187,000. AQR Capital Management LLC purchased a new position in IGM Biosciences during the second quarter worth about $84,000. Marshall Wace LLP raised its position in IGM Biosciences by 51.6% in the second quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock valued at $737,000 after purchasing an additional 36,491 shares during the period. XTX Topco Ltd lifted its stake in IGM Biosciences by 70.9% during the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after acquiring an additional 8,467 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of IGM Biosciences by 126.0% in the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after purchasing an additional 60,593 shares during the period. 42.79% of the stock is owned by institutional investors and hedge funds.

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.