IGM Biosciences Inc. (IGMS) Outlook Starting To Look Brighter?

Redmile Group LLC has recently announced that it has increased stake in IGM Biosciences Inc. (NASDAQ:IGMS) by 0.06%. After grabbing 3.34 million shares, the institutional investor is now in possession of 2152.0 shares of the Healthcare Company. The new investment brought the stake of investor firm to 11.45% having worth around $73.44 million. Moreover, Invus Public Equities Advisors LL increased its share by 0.45 million to have a control over 2.45 million shares. And BlackRock Fund Advisors raised its holdings to 1931.0 shares by acquiring 0.62 million shares or 2.13% of the stake.

IGM Biosciences Inc. (IGMS) concluded trading on 01/12/23 at a closing price of $24.59, with 0.66 million shares of worth about $16.2 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 25.14% during that period and on Thursday the price saw a gain of about 19.78%. Currently the company’s common shares owned by public are about 44.03M shares, out of which, 17.95M shares are available for trading.

A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 11 analysts are covering the IGMS stock and their offered price forecasts bring an average price target of $39.09. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $58.00 and could fall to a lowest price of $22.00. The stock’s current price level is 37.09% above of average price target set by the analysts, while a rise to estimated low would result in loss of -11.77% for the stock. However, touching the estimated high of $58.00 would mean a gain of 57.6% for the stock.

According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 91 times over the past 12 months. They bought 397,775 shares in 60 of the transactions. In 31 selling transactions, insiders dumped 99,662 shares.

T Rowe Price New Horizons Fund, Fidelity Select Port. – Biotechno, and ACAP Strategic Fund are the top 3 mutual funds which are holding stakes in IGM Biosciences Inc. T Rowe Price New Horizons Fund is currently holding 1.21 million shares of worth totaling $26.53 million. The company recently came buying 0.14 million shares which brought its stake up to 4.14% of the company’s outstanding shares. ACAP Strategic Fund, after selling 0.47 million shares, have now control over 1.62% of the stake in the company. It holds 34794.0 shares of worth $10.37 million.

IGM Biosciences Inc. (NASDAQ: IGMS) started trading at $20.58, above $0.05 from concluding price of the previous day. However, the stock later moved at a day high price of 25.19, or with a gain of 19.78%. Stock saw a price change of 43.80% in past 5 days and over the past one month there was a price change of 28.61%. Year-to-date (YTD), IGMS shares are showing a performance of 44.56% which decreased to -1.36% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $12.67 but also hit the highest price of $35.98 during that period. The average intraday trading volume for IGM Biosciences Inc. shares is 224.23K. The stock is currently trading 36.56% above its 20-day simple moving average (SMA20), while that difference is up 26.18% for SMA50 and it goes to 26.72% higher than SMA200.

Redmile Group LLC acquired 3.34 million shares of IGM Biosciences Inc. having value of about $73.44 million. Data submitted at the U.S SEC by Redmile Group LLC revealed that the firm now holds 2152.0 shares in the company valued at close to $52917.68, or have control over 0.06% stake in the company. IGM Biosciences Inc. (NASDAQ: IGMS) currently have 44.03M outstanding shares and institutions hold larger chunk of about 61.60% of that. Holding of mutual funds in the company is about 39.38% while other institutional holders and individual stake holders have control over 61.80% and 21.11% of the stake respectively.

The stock has a current market capitalization of $1.07B and its 3Y-monthly beta is at -0.31. It has posted earnings per share of -$5.68 in the same period. It has Quick Ratio of 10.80 while making debt-to-equity ratio of 0.00. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for IGMS, volatility over the week remained 11.70% while standing at 9.10% over the month.

Analysts are in expectations that IGM Biosciences Inc. (IGMS) stock would likely to be making an EPS of -$1.43 in the current quarter, while forecast for next quarter EPS is -$1.27 and it is -$5.46 for next year. For the current quarter EPS, analysts have given the company a lowest target -$1.53 which is -$1.14 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$1.32 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -86.50% while it is estimated to decrease by -8.50% in next year.

Analysts at 11 brokerage firms have issued recommendations for the IGM Biosciences Inc. (IGMS)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.70. Out of those 11 Wall Street analysts, 7 recommended a “Buy” rating, while 3 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Jefferies on November 09, 2022 offering a Buy rating for the stock and assigned a target price range of between $61 and $55 to it. Coverage by JP Morgan stated IGM Biosciences Inc. (IGMS) stock as a Neutral in their note to investors on October 17, 2022, suggesting a price target of $27 for the stock. On August 29, 2022, BofA Securities Initiated their recommendations, while on December 13, 2021, RBC Capital Mkts Downgrade their ratings for the stock with a price target of $51. Stock get an Outperform rating from Wedbush on November 05, 2021.