IGM Biosciences, Inc. (NASDAQ:IGMS) Receives $29.63 Average Target Price from Analysts

Posted by Defense World Staff on Aug 6th, 2023

IGM Biosciences, Inc. (NASDAQ:IGMS – Get Free Report) has been given an average recommendation of “Moderate Buy” by the eight analysts that are presently covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $28.44.

Several equities analysts recently weighed in on IGMS shares. Wedbush reaffirmed an “outperform” rating and set a $19.00 target price (down from $37.00) on shares of IGM Biosciences in a research note on Friday. Guggenheim lowered their price objective on shares of IGM Biosciences from $40.00 to $38.00 in a research report on Monday, May 15th. Finally, Royal Bank of Canada lowered their price objective on shares of IGM Biosciences from $21.00 to $17.00 in a research report on Monday, May 15th.

Insider Transactions at IGM Biosciences

In other news, Director Jakob Haldor Topsoe bought 3,500 shares of the stock in a transaction dated Thursday, June 29th. The stock was purchased at an average price of $9.10 per share, for a total transaction of $31,850.00. Following the acquisition, the director now owns 78,144 shares of the company’s stock, valued at $711,110.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Jakob Haldor Topsoe acquired 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 29th. The stock was bought at an average price of $9.10 per share, for a total transaction of $31,850.00. Following the acquisition, the director now directly owns 78,144 shares of the company’s stock, valued at approximately $711,110.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director M Kathleen Behrens acquired 112,500 shares of the firm’s stock in a transaction that occurred on Monday, June 26th. The shares were bought at an average price of $8.00 per share, with a total value of $900,000.00. Following the acquisition, the director now directly owns 330,700 shares in the company, valued at $2,645,600. The disclosure for this purchase can be found here. Company insiders own 56.91% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in IGMS. Cubist Systematic Strategies LLC purchased a new position in IGM Biosciences during the 1st quarter valued at about $30,000. Ensign Peak Advisors Inc increased its position in IGM Biosciences by 27.7% during the 3rd quarter. Ensign Peak Advisors Inc now owns 1,890 shares of the company’s stock valued at $43,000 after purchasing an additional 410 shares during the period. Captrust Financial Advisors purchased a new position in IGM Biosciences during the 2nd quarter valued at about $50,000. US Bancorp DE increased its position in IGM Biosciences by 608.4% during the 1st quarter. US Bancorp DE now owns 2,437 shares of the company’s stock valued at $65,000 after purchasing an additional 2,093 shares during the period. Finally, UBS Group AG increased its position in IGM Biosciences by 21.5% during the 1st quarter. UBS Group AG now owns 4,808 shares of the company’s stock valued at $66,000 after purchasing an additional 850 shares during the period. Hedge funds and other institutional investors own 40.72% of the company’s stock.

IGM Biosciences Price Performance

Shares of NASDAQ IGMS opened at $9.06 on Thursday. The stock has a market cap of $390.30 million, a PE ratio of -1.72 and a beta of -0.31. The firm has a fifty day moving average price of $10.15 and a 200-day moving average price of $14.54. IGM Biosciences has a 1 year low of $8.51 and a 1 year high of $28.20.

IGM Biosciences (NASDAQ:IGMS – Get Free Report) last posted its earnings results on Thursday, August 3rd. The company reported ($1.43) earnings per share for the quarter, missing the consensus estimate of ($1.40) by ($0.03). The company had revenue of $0.45 million for the quarter, compared to analysts’ expectations of $0.80 million. IGM Biosciences had a negative net margin of 14,007.47% and a negative return on equity of 82.24%. The business’s revenue was up 22.4% on a year-over-year basis. During the same period in the previous year, the business posted ($1.33) earnings per share. On average, research analysts expect that IGM Biosciences will post -5.84 EPS for the current year.

About IGM Biosciences

(Get Free Report

IGM Biosciences, Inc, a clinical-stage biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of cancer, infectious diseases, and autoimmune and inflammatory diseases. The company's product candidate, including imvotamab (IGM-2323), an IgM-based CD20 x CD3 bispecific antibody T cell engager that is in Phase 2 clinical trials for the treatment of B cell non-Hodgkin's lymphoma (NHL).