IGM Biosciences (NASDAQ:IGMS) Trading Up 13.7%

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) shot up 13.7% during mid-day trading on Friday . The stock traded as high as $8.78 and last traded at $8.70. 192,390 shares were traded during mid-day trading, a decline of 33% from the average session volume of 286,018 shares. The stock had previously closed at $7.65.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. HC Wainwright reissued a “neutral” rating and set a $12.00 price target on shares of IGM Biosciences in a research report on Thursday, April 18th. Royal Bank of Canada upgraded shares of IGM Biosciences from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $9.00 to $21.00 in a report on Friday, February 9th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $17.44.

IGM Biosciences Trading Up 22.9 %

The stock’s 50-day simple moving average is $10.52 and its 200-day simple moving average is $8.75. The stock has a market cap of $552.63 million, a price-to-earnings ratio of -1.71 and a beta of 0.26.

IGM Biosciences (NASDAQ:IGMS) last released its earnings results on Thursday, March 7th. The company reported ($1.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.05. IGM Biosciences had a negative return on equity of 103.20% and a negative net margin of 11,568.83%. The firm had revenue of $0.65 million for the quarter, compared to analysts’ expectations of $0.95 million. On average, equities research analysts forecast that IGM Biosciences, Inc. will post -3.23 earnings per share for the current year.

Insider Buying and Selling at IGM Biosciences

In other news, CEO Fred Schwarzer sold 4,765 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $9.88, for a total transaction of $47,078.20. Following the completion of the transaction, the chief executive officer now directly owns 220,833 shares in the company, valued at $2,181,830.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other IGM Biosciences news, Director Bros. Advisors Lp Baker bought 270,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 26th. The shares were bought at an average price of $8.26 per share, for a total transaction of $2,230,200.00. Following the transaction, the director now directly owns 3,638,533 shares in the company, valued at $30,054,282.58. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Fred Schwarzer sold 4,765 shares of IGM Biosciences stock in a transaction that occurred on Wednesday, March 13th. The stock was 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 owns 220,833 shares of the company’s stock, valued at $2,181,830.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 8,191 shares of company stock worth $80,927. 56.91% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. TD Asset Management Inc increased its holdings in IGM Biosciences by 100.0% in the 3rd quarter. TD Asset Management Inc now owns 83,452 shares of the company’s stock worth $697,000 after acquiring an additional 41,726 shares during the last quarter. Rhenman & Partners Asset Management AB increased its stake in shares of IGM Biosciences by 275.0% in the third quarter. Rhenman & Partners Asset Management AB now owns 750,000 shares of the company’s stock worth $6,262,000 after purchasing an additional 550,000 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of IGM Biosciences in the third quarter valued at approximately $50,000. Pale Fire Capital SE purchased a new stake in shares of IGM Biosciences during the third quarter worth $105,000. Finally, GSA Capital Partners LLP boosted its holdings in shares of IGM Biosciences by 24.7% in the third quarter. GSA Capital Partners LLP now owns 133,276 shares of the company’s stock worth $1,113,000 after acquiring an additional 26,358 shares during the period. 42.79% of the stock is 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.