Guggenheim Trims IGM Biosciences (NASDAQ:IGMS) Target Price to $20.00

IGM Biosciences (NASDAQ:IGMS) had its price target trimmed by Guggenheim from $25.00 to $20.00 in a report released on Tuesday, Benzinga reports. The firm currently has a buy rating on the stock.

IGMS has been the subject of several other research reports. HC Wainwright decreased their price objective on shares of IGM Biosciences from $12.00 to $11.00 and set a neutral rating for the company in a research note on Thursday, September 5th. Truist Financial downgraded shares of IGM Biosciences from a buy rating to a hold rating and decreased their target price for the stock from $24.00 to $12.00 in a research note on Tuesday. JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a neutral rating to an underweight rating and decreased their target price for the stock from $12.00 to $9.00 in a research note on Tuesday. Wedbush decreased their target price on shares of IGM Biosciences from $25.00 to $22.00 and set an outperform rating for the company in a research note on Tuesday. Finally, Royal Bank of Canada decreased their target price on shares of IGM Biosciences from $20.00 to $17.00 and set an outperform rating for the company in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Hold and an average price target of $14.67.

IGM Biosciences Price Performance

NASDAQ IGMS opened at $14.90 on Tuesday. IGM Biosciences has a 1 year low of $3.81 and a 1 year high of $22.50. The company has a market capitalization of $879.46 million, a PE ratio of -3.46 and a beta of 0.21. The company has a fifty day moving average of $11.75 and a two-hundred day moving average of $9.82.

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

Insider Buying and Selling

In related news, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $11.54, for a total transaction of $45,536.84. Following the completion of the transaction, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at $2,886,430.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $11.54, for a total transaction of $45,536.84. Following the completion of the transaction, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at $2,886,430.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Julie Hambleton sold 15,132 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $14.00, for a total transaction of $211,848.00. Following the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at $28,000. The disclosure for this sale can be found here. Insiders sold 21,034 shares of company stock valued at $279,957 over the last ninety days. Corporate insiders own 57.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers raised its holdings in IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after purchasing an additional 2,635 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in IGM Biosciences by 8.9% in the second quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock valued at $371,000 after buying an additional 4,427 shares in the last quarter. Quest Partners LLC increased its holdings in IGM Biosciences by 71.4% in the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after buying an additional 4,961 shares in the last quarter. TD Asset Management Inc increased its holdings in IGM Biosciences by 3.4% in the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after buying an additional 5,350 shares in the last quarter. Finally, XTX Topco Ltd increased its holdings in IGM Biosciences by 70.9% in the second 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. 42.79% of the stock is 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.