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IGM Biosciences (IGMS) Soars 32.7%: Is Further Upside Left in the Stock?

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IGM Biosciences, Inc. (IGMS - Free Report) shares ended the last trading session 32.7% higher at $9.30. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 13.2% loss over the past four weeks.

The sudden soaring of the stock can be attributed to the positive investor mindset regarding the potential of IGM Biosciences' pipeline of Immunoglobin M antibody-based candidates to treat patients with cancer and autoimmune and inflammatory diseases.

This company is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of +102.1%. Revenues are expected to be $51.75 million, up 11400% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For IGM Biosciences, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on IGMS going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

IGM Biosciences is a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, Agenus (AGEN - Free Report) , finished the last trading session 0.6% higher at $15.39. AGEN has returned -9.6% over the past month.

Agenus' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$2.04. Compared to the company's year-ago EPS, this represents a change of +49%. Agenus currently boasts a Zacks Rank of #3 (Hold).


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