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Thursday, September 28, 2023

Can We Expect More Volatility From IGM Biosciences Inc. (IGMS)?

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IGM Biosciences Inc. (IGMS) shares are trading at higher $72.92 and the avg recommendation for the stock is Strong Buy, while the current analyst price target stands at $82.33.

To add more color to this target, the company’s high over the last year is $89.81 and the low is $20.34. Over the last 52 weeks, IGMS is up 220.95% while the S&P 500 is up 17.22%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. IGMS has a short ratio of 9.91 and outstanding shares of 30.65M.

Company Outlook

IGMS has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 0.16 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -2.34. IGM Biosciences Inc. IGMS also noted assets of $211.72 million at the end of the last quarter. Investors should also keep an eye on sector updates as IGMS has historically followed its peers on positive news.

All told, IGM Biosciences Inc. IGMS has strung together solid data and demonstrated underlying fundamentals. At its current valuation, IGMS represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

IGM Biosciences Inc. IGMS is now commanding a market cap of 2.18B and a float of 13.35M. IGMS is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of IGMS stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in IGMS, either long or short, and we have not been compensated for this article.

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