IGM Biosciences (NASDAQ:IGMS) Cut to Underweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of IGM Biosciences (NASDAQ:IGMS) from a neutral rating to an underweight rating in a research note published on Tuesday, MarketBeat.com reports. They currently have $9.00 price target on the stock, down from their prior price target of $12.00.

Several other analysts also recently issued reports on IGMS. Truist Financial downgraded shares of IGM Biosciences from a buy rating to a hold rating and lowered their price objective for the company from $24.00 to $12.00 in a research report on Tuesday. Wedbush reaffirmed an outperform rating and set a $25.00 price target (up previously from $20.00) on shares of IGM Biosciences in a research note on Wednesday, August 14th. HC Wainwright cut their price objective on shares of IGM Biosciences from $12.00 to $11.00 and set a neutral rating on the stock in a report on Thursday, September 5th. Finally, Royal Bank of Canada restated an outperform rating and set a $20.00 target price on shares of IGM Biosciences in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of Hold and a consensus target price of $14.67.

IGM Biosciences Trading Up 3.4 %

NASDAQ:IGMS opened at $15.41 on Tuesday. The firm’s fifty day simple moving average is $11.83 and its 200 day simple moving average is $9.85. IGM Biosciences has a twelve month low of $3.81 and a twelve month high of $22.50. The firm has a market capitalization of $909.56 million, a price-to-earnings ratio of -3.58 and a beta of 0.21.

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

Insider Transactions at IGM Biosciences

In related news, Director Julie Hambleton sold 15,132 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $14.00, for a total value of $211,848.00. Following the completion of the sale, the director now directly owns 2,000 shares of the company’s stock, valued at $28,000. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Julie Hambleton sold 15,132 shares of IGM Biosciences stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $14.00, for a total value of $211,848.00. Following the completion of the transaction, the director now owns 2,000 shares in the company, valued at approximately $28,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Fred Schwarzer sold 3,946 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the sale, the chief executive officer now directly owns 250,124 shares in the company, valued at approximately $2,886,430.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,034 shares of company stock valued at $279,957. Insiders own 57.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IGMS. Jacobs Levy Equity Management Inc. bought a new stake in shares of IGM Biosciences in the 1st quarter worth approximately $758,000. Price T Rowe Associates Inc. MD increased its position in IGM Biosciences by 19.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock worth $37,520,000 after buying an additional 628,001 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in IGM Biosciences in the first quarter valued at $268,000. TD Asset Management Inc boosted its holdings in shares of IGM Biosciences by 3.4% during the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after acquiring an additional 5,350 shares during the period. Finally, Pennant Investors LP bought a new position in shares of IGM Biosciences during the fourth quarter worth about $539,000. 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.