Redmile Group LLC Sells 120,347 Shares of IGM Biosciences, Inc. (NASDAQ:IGMS)

Redmile Group LLC trimmed its stake in shares of IGM Biosciences, Inc. (NASDAQ:IGMS) by 3.9% during the fourth quarter, HoldingsChannel reports. The fund owned 2,952,131 shares of the company’s stock after selling 120,347 shares during the period. IGM Biosciences comprises about 1.3% of Redmile Group LLC’s investment portfolio, making the stock its 23rd largest position. Redmile Group LLC’s holdings in IGM Biosciences were worth $18,038,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in IGMS. China Universal Asset Management Co. Ltd. bought a new position in shares of IGM Biosciences during the fourth quarter worth about $44,000. Cubist Systematic Strategies LLC bought a new stake in IGM Biosciences during the fourth quarter worth about $184,000. Susquehanna Fundamental Investments LLC acquired a new position in IGM Biosciences during the fourth quarter valued at approximately $222,000. Barclays PLC grew its stake in IGM Biosciences by 48.4% in the third quarter. Barclays PLC now owns 21,554 shares of the company’s stock valued at $356,000 after purchasing an additional 7,027 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of IGM Biosciences by 14.0% during the 4th quarter. Renaissance Technologies LLC now owns 75,800 shares of the company’s stock worth $463,000 after purchasing an additional 9,300 shares during the last quarter. 42.79% of the stock is owned by institutional investors.

IGM Biosciences Trading Down 0.9%

NASDAQ IGMS opened at $1.14 on Thursday. The company has a market cap of $68.14 million, a PE ratio of -0.31 and a beta of 0.61. IGM Biosciences, Inc. has a 12 month low of $0.92 and a 12 month high of $22.50. The stock has a 50 day moving average of $1.23 and a 200-day moving average of $4.51.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($0.86) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.45). IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The firm had revenue of $0.50 million for the quarter, compared to analyst estimates of $4.25 million. As a group, sell-side analysts predict that IGM Biosciences, Inc. will post -3.35 EPS for the current fiscal year.

About IGM Biosciences

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.