IGM Biosciences (NASDAQ:IGMS) Lowered to “Neutral” Rating by Guggenheim

Guggenheim downgraded shares of IGM Biosciences (NASDAQ:IGMS) from a buy rating to a neutral rating in a research report sent to investors on Friday morning, MarketBeat Ratings reports.

Other equities analysts have also recently issued research reports about the company. Wedbush lowered their price target on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. Stifel Nicolaus boosted their price objective on shares of IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $12.00 to $9.00 in a research report on Tuesday, October 1st. Truist Financial downgraded IGM Biosciences from a “buy” rating to a “hold” rating and dropped their price objective for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Finally, Royal Bank of Canada increased their target price on shares of IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $5.50.

IGM Biosciences Trading Down 66.3 %

Shares of IGMS stock opened at $2.09 on Friday. The firm’s fifty day moving average price is $8.94 and its two-hundred day moving average price is $10.89. The firm has a market capitalization of $124.28 million, a P/E ratio of -0.57 and a beta of 0.11. IGM Biosciences has a 1 year low of $1.87 and a 1 year high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results on Friday, November 8th. The company reported ($1.01) EPS for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The business had revenue of $0.52 million for 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, equities research analysts forecast that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC grew its holdings in IGM Biosciences by 48.4% in 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 during the period. Geode Capital Management LLC increased its stake in IGM Biosciences by 7.6% during the 3rd quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock valued at $6,548,000 after purchasing an additional 28,118 shares in the last quarter. 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. State Street Corp grew its holdings in shares of IGM Biosciences by 2.7% during the third quarter. State Street Corp now owns 469,790 shares of the company’s stock valued at $7,770,000 after buying an additional 12,174 shares during the last quarter. Finally, MetLife Investment Management LLC bought a new stake in shares of IGM Biosciences during the third quarter valued at approximately $149,000. Institutional investors own 42.79% of the company’s stock.

IGM Biosciences Company Profile

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.