IGM Biosciences (NASDAQ: IGMS) saw its price target bolstered by investment analysts at Jefferies Financial Group from $ 101.00 to $ 126.00 in a research note released Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s price target points to a potential rise of 271.68% from the current share price.
A number of other brokerages have also published reports on IGMS. Zacks investment research downgraded IGM Biosciences shares from a “buy” rating to a “conservation” rating in a report released on Friday, October 15. Stifel Nicolaus raised his price target on IGM Biosciences shares from $ 65.00 to $ 98.00 and gave the company a “buy” rating in a report released on Monday. Royal Bank of Canada Downgraded IGM Biosciences from “Outperformance” to “Sector Performance” and Reduced Target Share Price from $ 90.00 to $ 51.00 in Research Report published Monday. Morgan Stanley began covering IGM Biosciences in a research report on Thursday, August 26. They set an “overweight” rating and a target price of $ 100.00 for the stock. Finally, Wedbush lowered its price target on IGM Biosciences from $ 82.00 to $ 67.00 and established an “outperformance” rating for the company in a research report released Monday. Two analysts rated the stock with a conservation rating and five gave the stock a buy rating. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $ 93.00.
IGMS traded at $ 15.94 during trading hours on Monday, reaching $ 33.90. The stock had a trade volume of 9,754 shares, compared to an average volume of 171,387. The stock has a market cap of $ 1.10 billion, a PE ratio of -8.29, and a beta of – 1.24. IGM Biosciences has a minimum of $ 35.00 over 1 year and a maximum of $ 127.11 over 1 year. The company’s fifty-day simple moving average is $ 55.36 and its 200-day simple moving average is $ 70.44.
IGM Biosciences (NASDAQ: IGMS) last released its quarterly earnings data on Thursday, November 4. The company reported ($ 1.32) earnings per share (EPS) for the quarter, beating the Zacks consensus estimate ($ 1.33) by $ 0.01. Analysts expect IGM Biosciences to post earnings per share of -5.01 for the current fiscal year.
In other news from IGM Biosciences, an insider Bruce keyt sold 1,326 shares of the company in a transaction that took place on Tuesday, November 2. The stock was sold for an average price of $ 51.37, for a total trade of $ 68,116.62. The transaction has been disclosed in a legal file with the Securities & Exchange Commission, which is available at this link. 61.92% of the shares are currently held by insiders.
Institutional investors and hedge funds have recently increased or reduced their stakes in the company. Macquarie Group Ltd. increased its position in IGM Biosciences shares 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 in the last quarter. Nisa Investment Advisors LLC purchased a new position in IGM Biosciences shares during the second quarter valued at approximately $ 50,000. Legal & General Group Plc increased its stake in IGM Biosciences by 16.4% in the 2nd quarter. Legal & General Group Plc now owns 1,336 shares of the company valued at $ 112,000 after purchasing 188 additional shares in the last quarter. Metropolitan Life Insurance Co NY increased its position in IGM Biosciences by 115,000.0% during the 2nd 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 in the last quarter. Finally, Sei Investments Co. acquired a new position in IGM Biosciences during the second quarter valued at approximately $ 208,000. Institutional investors hold 54.96% of the company’s shares.
About IGM Biosciences
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 currently in Phase 1 clinical trials to treat patients with relapsed / refractory B-cell non-Hodgkin lymphoma (NHL).
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