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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.
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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).
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