IGM Biosciences (NASDAQ:IGMS) Shares Gap Up After Insider Buying Activity
IGM Biosciences, Inc. (NASDAQ:IGMS – Get Rating) gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $21.42, but opened at $22.66. IGM Biosciences shares last traded at $23.50, with a volume of 288 shares traded. Specifically, insider Bruce Keyt sold 8,700 shares of the business’s stock in a transaction on Friday, August 19th. The shares were sold at an average price of $22.82, for a total value of $198,534.00. Following the sale, the insider now owns 39,489 shares in the company, valued at $901,138.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Michael D. Loberg acquired 5,821 shares of the firm’s stock in a transaction on Thursday, September 29th. The shares were acquired at an average cost of $19.62 per share, for a total transaction of $114,208.02. Following the completion of the transaction, the director now directly owns 35,305 shares in the company, valued at approximately $692,684.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Bruce Keyt sold 8,700 shares of IGM Biosciences stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $22.82, for a total value of $198,534.00. Following the completion of the transaction, the insider now owns 39,489 shares of the company’s stock, valued at approximately $901,138.98. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,000 shares of company stock worth $622,107. 55.96% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
IGMS has been the topic of a number of analyst reports. Bank of America started coverage on shares of IGM Biosciences in a research report on Monday, August 29th. They set a “buy” rating and a $34.00 price objective on the stock. Truist Financial reduced 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. Finally, Guggenheim decreased their price objective on shares of IGM Biosciences to $40.00 in a research note on Monday, August 15th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, IGM Biosciences has an average rating of “Moderate Buy” and an average price target of $53.00.
IGM Biosciences Stock Performance
The company has a fifty day simple moving average of $20.50 and a two-hundred day simple moving average of $19.02. The firm has a market capitalization of $1.00 billion, a PE ratio of -4.15 and a beta of -0.41.
IGM Biosciences (NASDAQ:IGMS – Get Rating) last announced its quarterly earnings results on Monday, August 8th. The company reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($1.44) by $0.11. The business had revenue of $0.37 million during the quarter, compared to analysts’ expectations of $38.91 million. During the same period in the previous year, the company posted ($1.16) EPS. On average, equities analysts anticipate that IGM Biosciences, Inc. will post -5.86 earnings per share for the current fiscal year.
Hedge Funds Weigh In On IGM Biosciences
Several hedge funds have recently modified their holdings of the stock. Point72 Hong Kong Ltd purchased a new stake in IGM Biosciences during the 4th quarter worth approximately $34,000. Amalgamated Bank acquired a new position in shares of IGM Biosciences in the 1st quarter valued at $36,000. Captrust Financial Advisors purchased a new position in IGM Biosciences in the 2nd quarter worth $50,000. US Bancorp DE lifted 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 worth $65,000 after acquiring an additional 2,093 shares during the period. Finally, American International Group Inc. lifted its holdings in shares of IGM Biosciences by 15.0% during the second quarter. American International Group Inc. now owns 4,684 shares of the company’s stock worth $84,000 after purchasing an additional 612 shares during the period. Institutional investors and hedge funds 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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