IGM Biosciences, Inc. (NASDAQ:IGMS) Given Average Recommendation of “Reduce” by Analysts

IGM Biosciences, Inc. (NASDAQ:IGMS) has earned an average rating of “Reduce” from the ten ratings firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating and nine have assigned a hold rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $5.50.

IGMS has been the subject of several recent analyst reports. Guggenheim downgraded shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a research note on Friday, January 10th. Stifel Nicolaus lowered IGM Biosciences from a “buy” rating to a “hold” rating and lowered their price target for the company from $27.00 to $2.50 in a research report on Friday, January 10th. BMO Capital Markets reissued a “market perform” rating and set a $2.00 target price (down from $21.00) on shares of IGM Biosciences in a research note on Friday, January 10th. Morgan Stanley lowered IGM Biosciences from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $12.00 to $2.00 in a research note on Friday, January 10th. Finally, Wedbush reissued a “neutral” rating and set a $3.00 price objective (down from $22.00) on shares of IGM Biosciences in a research report on Friday, January 10th.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. grew its stake in shares of IGM Biosciences by 12.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 148,402 shares of the company’s stock worth $2,455,000 after buying an additional 16,072 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in 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 purchasing an additional 5,683 shares in the last quarter. MetLife Investment Management LLC purchased a new stake in IGM Biosciences during the 3rd quarter valued at about $149,000. State Street Corp increased its stake in IGM Biosciences by 2.7% during the 3rd quarter. State Street Corp now owns 469,790 shares of the company’s stock valued at $7,770,000 after purchasing an additional 12,174 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in IGM Biosciences by 42.6% in the third quarter. Wellington Management Group LLP now owns 98,339 shares of the company’s stock worth $1,627,000 after buying an additional 29,374 shares during the last quarter. 42.79% of the stock is currently owned by institutional investors.

IGM Biosciences Price Performance

Shares of IGM Biosciences stock opened at $1.24 on Tuesday. IGM Biosciences has a one year low of $1.15 and a one year high of $22.50. The business’s 50 day simple moving average is $1.40 and its two-hundred day simple moving average is $7.84. The stock has a market capitalization of $74.12 million, a P/E ratio of -0.34 and a beta of 0.37.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results on Thursday, March 6th. The company reported ($0.61) EPS for the quarter, topping the consensus estimate of ($0.74) by $0.13. The company had revenue of $0.41 million for the quarter, compared to the consensus estimate of $0.39 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. Sell-side analysts expect that IGM Biosciences will post -3.35 earnings per share for the current fiscal year.

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.