IGM Biosciences’ (IGMS) Neutral Rating Reaffirmed at Wedbush

IGM Biosciences (NASDAQ:IGMS)‘s stock had its “neutral” rating restated by equities research analysts at Wedbush in a note issued to investors on Friday,RTT News reports. They presently have a $3.00 price objective on the stock, down from their prior price objective of $22.00. Wedbush’s target price indicates a potential upside of 54.64% from the company’s current price.

IGMS has been the topic of a number of other research reports. Truist Financial cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and lowered their target price for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Stifel Nicolaus cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and reduced their price objective for the company from $27.00 to $2.50 in a research report on Friday. BMO Capital Markets restated a “market perform” rating and set a $2.00 target price (down previously from $21.00) on shares of IGM Biosciences in a research report on Friday. Royal Bank of Canada cut IGM Biosciences from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from $20.00 to $1.50 in a report on Friday. Finally, JPMorgan Chase & Co. downgraded IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $12.00 to $9.00 in a research note on Tuesday, October 1st. Two research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $5.89.

IGM Biosciences Trading Down 68.7 %

NASDAQ:IGMS traded down $4.26 during trading hours on Friday, reaching $1.94. The company had a trading volume of 3,188,947 shares, compared to its average volume of 701,431. The firm has a market cap of $115.36 million, a price-to-earnings ratio of -0.53 and a beta of 0.11. The firm’s 50 day moving average price is $9.22 and its 200-day moving average price is $10.93. IGM Biosciences has a 52 week low of $1.87 and a 52 week high of $22.50.

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

Institutional Trading of IGM Biosciences

A number of hedge funds have recently bought and sold shares of IGMS. Geode Capital Management LLC grew its position in shares of IGM Biosciences by 7.6% in the 3rd quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock worth $6,548,000 after buying an additional 28,118 shares during the last quarter. State Street Corp boosted its stake in IGM Biosciences by 2.7% in the third quarter. State Street Corp now owns 469,790 shares of the company’s stock valued at $7,770,000 after acquiring an additional 12,174 shares in the last quarter. AQR Capital Management LLC purchased a new position in IGM Biosciences in the second quarter worth $84,000. Marshall Wace LLP grew its holdings in IGM Biosciences by 51.6% in the second quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock worth $737,000 after purchasing an additional 36,491 shares during the last quarter. Finally, Barclays PLC increased its position in shares of IGM Biosciences by 48.4% during the third quarter. Barclays PLC now owns 21,554 shares of the company’s stock worth $356,000 after purchasing an additional 7,027 shares in the last quarter. Hedge funds and other 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.