IGM Biosciences (NASDAQ:IGMS) Shares Gap Down After Insider Selling
Shares of IGM Biosciences, Inc. (NASDAQ:IGMS – Get Rating) gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $22.45, but opened at $21.50. IGM Biosciences shares last traded at $21.55, with a volume of 576 shares trading hands. Specifically, Director Michael D. Loberg purchased 5,821 shares of the company’s stock in a transaction that occurred on Thursday, September 29th. The shares were bought at an average cost of $19.62 per share, with a total value of $114,208.02. Following the completion of the transaction, the director now directly owns 35,305 shares of the company’s stock, valued at $692,684.10. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Michael D. Loberg purchased 5,821 shares of the company’s stock in a transaction that occurred on Thursday, September 29th. The shares were bought at an average cost of $19.62 per share, with a total value of $114,208.02. Following the completion of the transaction, the director now directly owns 35,305 shares of the company’s stock, valued at $692,684.10. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bruce Keyt sold 8,700 shares of the firm’s stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $22.82, for a total transaction of $198,534.00. Following the transaction, the insider now directly owns 39,489 shares in the company, valued at $901,138.98. The disclosure for this sale can be found here. Insiders sold 55,000 shares of company stock worth $1,193,107 over the last three months. 55.96% of the stock is currently owned by insiders.
Analyst Ratings Changes
IGMS has been the topic of several research reports. Guggenheim lowered their price objective on shares of IGM Biosciences to $40.00 in a research report on Monday, August 15th. Bank of America initiated coverage on shares of IGM Biosciences in a research report on Monday, August 29th. They issued a “buy” rating and a $34.00 price objective on the stock. Finally, Truist Financial lowered their price objective on shares of IGM Biosciences from $74.00 to $37.00 and set a “buy” rating on the stock in a research report on Tuesday, August 23rd. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.
IGM Biosciences Price Performance
The firm’s 50-day moving average price is $20.80 and its 200-day moving average price is $19.12.
IGM Biosciences (NASDAQ:IGMS – Get Rating) last issued its quarterly earnings data on Monday, August 8th. The company reported ($1.33) EPS for the quarter, beating the consensus estimate of ($1.44) by $0.11. The firm had revenue of $0.37 million for the quarter, compared to analysts’ expectations of $38.91 million. During the same period in the prior year, the firm posted ($1.16) EPS. On average, sell-side analysts expect that IGM Biosciences, Inc. will post -5.86 EPS for the current year.
Hedge Funds Weigh In On IGM Biosciences
Hedge funds have recently bought and sold shares of the company. Point72 Hong Kong Ltd purchased a new position in IGM Biosciences during the fourth quarter valued at approximately $34,000. Walleye Capital LLC purchased a new stake in shares of IGM Biosciences during the 4th quarter valued at $1,030,000. Swiss National Bank raised its position in shares of IGM Biosciences by 16.2% during the 2nd quarter. Swiss National Bank now owns 21,500 shares of the company’s stock valued at $388,000 after buying an additional 3,000 shares in the last quarter. Alpha Paradigm Partners LLC purchased a new stake in shares of IGM Biosciences during the 2nd quarter valued at $161,000. Finally, Virtus ETF Advisers LLC raised its position in shares of IGM Biosciences by 32.9% during the 2nd quarter. Virtus ETF Advisers LLC now owns 7,267 shares of the company’s stock valued at $131,000 after buying an additional 1,798 shares in the last quarter. Hedge funds and other institutional investors own 41.20% of the company’s stock.
IGM Biosciences Company Profile
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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