IGM Biosciences (NASDAQ:IGMS) Stock Price Down 4.1% – Should You Sell?

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) were down 4.1% during mid-day trading on Friday . The company traded as low as $10.00 and last traded at $10.00. Approximately 23,163 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 306,430 shares. The stock had previously closed at $10.43.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on IGMS shares. JPMorgan Chase & Co. lowered IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $12.00 to $9.00 in a research note on Tuesday, October 1st. HC Wainwright reduced their target price on 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 IGM Biosciences from a “buy” rating to a “hold” rating and cut their price target for the stock from $24.00 to $12.00 in a research report on Tuesday, October 1st. Guggenheim cut their price target on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. Finally, Wedbush cut their price target on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, IGM Biosciences currently has a consensus rating of “Hold” and a consensus target price of $16.13.

IGM Biosciences Stock Performance

The stock has a 50-day moving average price of $14.13 and a 200 day moving average price of $11.10.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data on Friday, November 8th. The company reported ($1.01) EPS for the quarter, missing the consensus estimate of ($0.82) by ($0.19). IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The firm had revenue of $0.52 million for the quarter, compared to analysts’ expectations of $0.23 million. Analysts predict that IGM Biosciences, Inc. will post -3.33 earnings per share for the current fiscal year.

Insider Transactions at IGM Biosciences

In other news, CEO Fred Schwarzer sold 3,946 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $11.54, for a total transaction of $45,536.84. Following the transaction, the chief executive officer now directly owns 250,124 shares in the company, valued at $2,886,430.96. The trade was a 1.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 5,902 shares of company stock worth $68,109 in the last ninety days. Insiders own 57.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Quest Partners LLC boosted its stake 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 acquiring an additional 4,961 shares in the last quarter. AQR Capital Management LLC acquired a new position in IGM Biosciences in the second quarter valued at $84,000. XTX Topco Ltd boosted its stake 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 acquiring an additional 8,467 shares in the last quarter. MetLife Investment Management LLC acquired a new position in IGM Biosciences in the third quarter valued at $149,000. Finally, Rhumbline Advisers boosted its stake in IGM Biosciences by 13.1% in the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after acquiring an additional 2,635 shares in the last quarter. 42.79% of the stock is currently owned by institutional investors and hedge funds.

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.