IGM Biosciences (NASDAQ: IGMS) share price drops 6.5% on insider selling
IGM Biosciences, Inc. (NASDAQ: IGMS) was down 6.5% in Wednesday’s trading following insider selling activity. The stock traded at $ 62.08 and last traded at $ 62.08. About 1,275 shares changed hands at midday, down 99% from the average daily volume of 165,511 shares. The stock had previously closed at $ 66.39. Specifically, insider Bruce Keyt sold 1,242 shares of IGM Biosciences in a trade that took place on Tuesday, October 5. The shares were sold at an average price of $ 64.10, for a total trade of $ 79,612.20. The sale was disclosed in a document filed with the SEC, which is available on the SEC’s website. In addition, director Julie Hambleton sold 1,000 shares of IGM Biosciences in a transaction that took place on Monday, August 9. The shares were sold at an average price of $ 80.00, for a total trade of $ 80,000.00. Disclosure of this sale can be found here. Insiders have sold a total of 4,728 shares of the company valued at $ 330,765 in the past 90 days. Company insiders own 61.92% of the company’s shares.
A number of equity research analysts have weighed on IGMS stocks. Wedbush increased its target price on IGM Biosciences shares from $ 77.00 to $ 82.00 and rated the stock “neutral” in a report released on Monday August 16. They noted that the move was an appraisal call. Morgan Stanley assumed coverage of IGM Biosciences shares in a report released Thursday, August 26. They set an “overweight” rating and a target price of $ 100.00 for the stock. HC Wainwright reaffirmed a buy rating and set a price target of $ 114.00 for IGM Biosciences shares in a report released on Tuesday, August 10. Finally, Zacks Investment Research upgraded IGM Biosciences shares from a “sell” rating to a “keep” rating in a report released on Tuesday, August 31. Two analysts rated the stock with a conservation rating and four gave the stock a buy rating. According to MarketBeat, IGM Biosciences currently has an average rating of “Buy” and a consensus price target of $ 104.00.
The company has a market cap of $ 2.00 billion, a P / E ratio of -17.56 and a beta of -1.04. The company’s 50-day moving average is $ 72.89 and its two-hundred-day moving average is $ 75.63.
IGM Biosciences (NASDAQ: IGMS) last released its quarterly results on Sunday, August 8. The company reported ($ 1.16) earnings per share for the quarter, meeting Thomson Reuters consensus estimate ($ 1.16). As a group, analysts on the seller’s side predict that IGM Biosciences, Inc. will post EPS of -5.03 for the current fiscal year.
A number of large investors have recently changed their holdings to IGMS. Macquarie Group Ltd. strengthened its position in IGM Biosciences by 313.6% in the second quarter. Macquarie Group Ltd. now owns 579 shares of the company valued at $ 48,000 after purchasing an additional 439 shares during the period. Nisa Investment Advisors LLC purchased a new position in IGM Biosciences during the second quarter valued at approximately $ 50,000. Legal & General Group Plc strengthened its position in IGM Biosciences by 16.4% during the second quarter. Legal & General Group Plc now owns 1,336 shares of the company valued at $ 112,000 after purchasing an additional 188 shares during the period. E Fund Management Co. Ltd. purchased a new position in IGM Biosciences during the first quarter valued at approximately $ 121,000. Finally, Metropolitan Life Insurance Co NY strengthened its position in IGM Biosciences by 115,000.0% during the second quarter. Metropolitan Life Insurance Co NY now owns 2,302 shares of the company valued at $ 192,000 after purchasing an additional 2,300 shares during the period. Hedge funds and other institutional investors own 50.86% of the company’s shares.
About IGM Biosciences (NASDAQ: IGMS)
IGM Biosciences, Inc., a biotechnology company, develops immunoglobulin M (IgM) antibodies for the treatment of several diseases. Its lead product candidate is IGM-2323, a bispecific IgM antibody in phase 1 clinical trials to treat patients with relapsed / refractory B-cell non-Hodgkin lymphoma (NHL).
Recommended story: trade deficit
This instant news alert was powered by narrative science technology and MarketBeat financial data to provide readers with the fastest, most accurate reports. This story was reviewed by the MarketBeat editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Should you invest $ 1,000 in IGM Biosciences now?
Before you consider IGM Biosciences, you’ll want to hear this.
MarketBeat tracks Wall Street’s top-rated and top-performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat identified the five stocks that top analysts quietly whisper to their clients to buy now before the broader market takes hold of … and IGM Biosciences was not on the list.
While IGM Biosciences currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better bets.
See the 5 actions here