Brokerages Set IGM Biosciences, Inc. (NASDAQ:IGMS) PT at $17.75

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) have earned an average recommendation of “Reduce” from the ten research firms that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation and eight have assigned a hold recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $5.50.

A number of equities analysts recently issued reports on IGMS shares. JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $12.00 to $9.00 in a report on Tuesday, October 1st. Guggenheim lowered shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a research note on Friday. BMO Capital Markets reaffirmed a “market perform” rating and issued a $2.00 price target (down previously from $21.00) on shares of IGM Biosciences in a research note on Friday. Morgan Stanley lowered shares of IGM Biosciences from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $12.00 to $2.00 in a report on Friday. Finally, Truist Financial dropped their target price on shares of IGM Biosciences from $12.00 to $2.00 and set a “hold” rating on the stock in a research note on Friday.

IGM Biosciences Trading Down 66.3 %

IGM Biosciences stock opened at $2.09 on Thursday. The firm has a market capitalization of $124.28 million, a PE ratio of -0.57 and a beta of 0.11. IGM Biosciences has a 12-month low of $1.87 and a 12-month high of $22.50. The firm has a 50-day moving average price of $8.94 and a 200-day moving average price of $10.92.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data on Friday, November 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The firm had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. As a group, sell-side analysts predict that IGM Biosciences will post -3.33 earnings per share for the current fiscal year.

Institutional Trading of IGM Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers lifted its stake in shares of IGM Biosciences by 13.1% during the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after purchasing an additional 2,635 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in IGM Biosciences by 8.9% in the second quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock worth $371,000 after purchasing an additional 4,427 shares in the last quarter. Quest Partners LLC lifted its position in shares of IGM Biosciences by 71.4% during the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after buying an additional 4,961 shares during the last quarter. TD Asset Management Inc boosted its holdings in shares of IGM Biosciences by 3.4% in the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after buying an additional 5,350 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of IGM Biosciences by 8.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company’s stock worth $1,234,000 after buying an additional 5,683 shares during the last quarter. Institutional investors own 42.79% of the company’s stock.

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.