Insider Buying: IGM Biosciences, Inc. (NASDAQ:IGMS) Director Buys 270,000 Shares of Stock

IGM Biosciences, Inc. (NASDAQ:IGMS) Director Bros. Advisors Lp Baker purchased 270,000 shares of the stock in a transaction dated Tuesday, March 26th. The stock was acquired at an average price of $8.26 per share, for a total transaction of $2,230,200.00. Following the completion of the transaction, the director now directly owns 3,638,533 shares of the company’s stock, valued at $30,054,282.58. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Bros. Advisors Lp Baker also recently made the following trade(s):

• On Thursday, March 28th, Bros. Advisors Lp Baker purchased 97,473 shares of IGM Biosciences stock. The stock was acquired at an average price of $9.62 per share, for a total transaction of $937,690.26.

IGM Biosciences Price Performance

NASDAQ:IGMS traded up $0.38 during trading hours on Thursday, reaching $9.65. 242,995 shares of the company were exchanged, compared to its average volume of 294,796. The firm has a market cap of $567.32 million, a price-to-earnings ratio of -2.01 and a beta of 0.30. IGM Biosciences, Inc. has a 52-week low of $3.81 and a 52-week high of $17.78. The stock has a 50 day simple moving average of $12.06 and a 200 day simple moving average of $8.57.

Hedge Funds Weigh In On IGM Biosciences

Large investors have recently bought and sold shares of the stock. Lazard Asset Management LLC purchased a new position in shares of IGM Biosciences in the 2nd quarter valued at $26,000. Cubist Systematic Strategies LLC purchased a new position in shares of IGM Biosciences in the 1st quarter valued at $30,000. Nisa Investment Advisors LLC raised its stake in shares of IGM Biosciences by 7,258.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,900 shares of the company’s stock valued at $32,000 after acquiring an additional 3,847 shares during the period. Citigroup Inc. raised its stake in shares of IGM Biosciences by 370.7% in the 2nd quarter. Citigroup Inc. now owns 4,382 shares of the company’s stock valued at $40,000 after acquiring an additional 3,451 shares during the period. Finally, Ensign Peak Advisors Inc increased its stake in IGM Biosciences by 27.7% during the 3rd quarter. Ensign Peak Advisors Inc now owns 1,890 shares of the company’s stock worth $43,000 after buying an additional 410 shares during the period. Hedge funds and other institutional investors own 42.79% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Bank of America lowered shares of IGM Biosciences from a “buy” rating to a “neutral” rating and set a $8.00 target price on the stock. in a research report on Friday, December 15th. Royal Bank of Canada upgraded shares of IGM Biosciences from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $9.00 to $21.00 in a research report on Friday, February 9th. Finally, HC Wainwright lowered shares of IGM Biosciences from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $11.00 to $7.00 in a research report on Thursday, December 7th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $17.80.

IGM Biosciences Company Profile

IGM Biosciences, Inc, a clinical-stage biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of cancer and autoimmune and inflammatory diseases. It develops Aplitabart, a Death Receptor 5 Agonist IgM antibody for the treatment of colorectal cancer; imvotamab, a CD20 x CD3 bispecific IgM antibody to treat myositis, as well as for the treatment of systemic lupus erythematosus and rheumatoid arthritis that is Phase Ib clinical trial; and IGM-2644, a bispecific T cell engaging IgM antibody targeting CD38 and CD3 proteins for the treatment of autoimmune diseases.