IGM Biosciences (NASDAQ:IGMS) Posts Earnings Results, Misses Estimates By $1.32 EPS

IGM Biosciences (NASDAQ:IGMS) announced its quarterly earnings results on Thursday. The company reported ($2.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.09) by ($1.32), Zacks reports.

Shares of NASDAQ IGMS traded up $0.53 on Friday, reaching $23.88. 95,100 shares of the company traded hands, compared to its average volume of 102,268. IGM Biosciences has a fifty-two week low of $16.10 and a fifty-two week high of $25.13. The firm’s 50 day moving average is $20.01.

IGMS has been the subject of a number of recent research reports. Piper Jaffray Companies initiated coverage on IGM Biosciences in a research report on Sunday, October 13th. They set an “overweight” rating and a $26.00 price objective for the company. Jefferies Financial Group assumed coverage on IGM Biosciences in a report on Monday, October 14th. They issued a “buy” rating and a $25.00 price target for the company. Stifel Nicolaus assumed coverage on shares of IGM Biosciences in a research note on Monday, October 14th. They set a “buy” rating and a $32.00 price objective for the company. Finally, Guggenheim assumed coverage on shares of IGM Biosciences in a research note on Monday, October 14th. They set a “buy” rating and a $30.00 price objective for the company.

In other IGM Biosciences news, major shareholder Topsoe Holding A/S Haldor bought 1,250,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was purchased at an average price of $16.00 per share, with a total value of $20,000,000.00. Also, Director Jakob Haldor Topsoe bought 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The shares were acquired at an average cost of $20.50 per share, with a total value of $82,000.00. In the last ninety days, insiders have bought 5,683,475 shares of company stock valued at $90,953,600.

About IGM Biosciences

IGM Biosciences, Inc, a biotechnology company, engages in the research and development of engineered Immunoglobulin M (IgM) antibodies for the treatment of cancer patients. The company's lead product candidate is IGM-2323, a bispecific T cell engaging IgM antibody that completed preclinical trials for targeting CD20 and CD3 proteins for the treatment of relapsed/refractory B cell Non-Hodgkin's lymphoma.

Read More: Price to Earnings Ratio (PE)

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