Q1 2023 EPS Estimates for IGM Biosciences, Inc. (NASDAQ:IGMS) Boosted by HC Wainwright

Posted by on Apr 7th, 2023

IGM Biosciences, Inc. (NASDAQ:IGMS – Get Rating) – Analysts at HC Wainwright upped their Q1 2023 earnings per share (EPS) estimates for shares of IGM Biosciences in a research note issued on Monday, April 3rd. HC Wainwright analyst R. Burns now expects that the company will post earnings of ($1.39) per share for the quarter, up from their prior forecast of ($1.58). HC Wainwright has a “Buy” rating and a $22.00 price objective on the stock. The consensus estimate for IGM Biosciences’ current full-year earnings is ($6.08) per share. HC Wainwright also issued estimates for IGM Biosciences’ Q2 2023 earnings at ($1.52) EPS, Q3 2023 earnings at ($1.65) EPS, Q4 2023 earnings at ($1.77) EPS and FY2023 earnings at ($6.34) EPS.

IGM Biosciences (NASDAQ:IGMS – Get Rating) last announced its earnings results on Thursday, March 30th. The company reported ($1.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.53) by $0.34. The firm had revenue of $0.37 million during the quarter, compared to analyst estimates of $15.27 million. During the same period last year, the company earned ($1.50) earnings per share.

A number of other analysts have also recently weighed in on IGMS. Morgan Stanley decreased their price objective on IGM Biosciences from $30.00 to $20.00 and set an “equal weight” rating for the company in a research report on Monday. Royal Bank of Canada dropped their price objective on IGM Biosciences from $24.00 to $21.00 and set a “sector perform” rating for the company in a research note on Friday, March 31st. JPMorgan Chase & Co. dropped their price objective on IGM Biosciences from $27.00 to $26.00 and set a “neutral” rating for the company in a research note on Monday. Finally, Truist Financial lowered their target price on IGM Biosciences from $37.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $30.44.

IGM Biosciences Trading Down 4.7 %

IGM Biosciences stock opened at $11.27 on Thursday. IGM Biosciences has a twelve month low of $11.05 and a twelve month high of $28.20. The stock has a 50 day moving average of $19.78 and a two-hundred day moving average of $20.14. The stock has a market capitalization of $482.69 million, a price-to-earnings ratio of -2.10 and a beta of -0.22.

Institutional Investors Weigh In On IGM Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. raised its holdings in IGM Biosciences by 6.6% during the fourth quarter. Alliancebernstein L.P. now owns 25,900 shares of the company’s stock worth $441,000 after purchasing an additional 1,604 shares in the last quarter. Millennium Management LLC raised its stake in IGM Biosciences by 14.8% during the 4th quarter. Millennium Management LLC now owns 334,185 shares of the company’s stock valued at $5,684,000 after purchasing an additional 42,970 shares during the period. Endurant Capital Management LP acquired a new stake in IGM Biosciences during the 4th quarter valued at $516,000. Marshall Wace LLP raised its stake in IGM Biosciences by 16.5% during the 4th quarter. Marshall Wace LLP now owns 287,428 shares of the company’s stock valued at $4,889,000 after purchasing an additional 40,739 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in IGM Biosciences by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 71,346 shares of the company’s stock valued at $1,214,000 after purchasing an additional 1,250 shares during the period. Institutional investors own 41.41% of the company’s stock.

Insider Buying and Selling at IGM Biosciences

In other IGM Biosciences news, insider Chris H. Takimoto sold 1,768 shares of IGM Biosciences stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $18.73, for a total value of $33,114.64. Following the completion of the transaction, the insider now directly owns 28,789 shares in the company, valued at $539,217.97. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 55.96% of the stock is currently owned by insiders.

IGM Biosciences Company Profile

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IGM Biosciences, Inc, a biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of cancer, infectious diseases, and autoimmune and inflammatory diseases. The company's lead product candidate is IGM-2323, a bispecific IgM antibody that is in Phase 2 clinical trials to treat patients with relapsed/refractory B cell Non-Hodgkin's lymphoma (NHL).

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Earnings History and Estimates for IGM Biosciences (NASDAQ:IGMS)

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