IGM Biosciences (NASDAQ:IGMS) Downgraded by Royal Bank of Canada to Sector Perform

IGM Biosciences (NASDAQ:IGMS) was downgraded by analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research report issued to clients and investors on Friday,Briefing.com Automated Import reports. They presently have a $1.50 price objective on the stock, down from their prior price objective of $20.00. Royal Bank of Canada’s target price would suggest a potential downside of 75.81% from the stock’s previous close.

A number of other brokerages have also recently weighed in on IGMS. Truist Financial cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and decreased their price target for the stock from $24.00 to $12.00 in a research note on Tuesday, October 1st. BMO Capital Markets reissued a “market perform” rating and set a $2.00 price target (down previously from $21.00) on shares of IGM Biosciences in a report on Friday. JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $12.00 to $9.00 in a research report on Tuesday, October 1st. Stifel Nicolaus increased their price objective on IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Finally, Guggenheim lowered IGM Biosciences from a “buy” rating to a “neutral” rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, IGM Biosciences has an average rating of “Hold” and a consensus target price of $9.11.

IGM Biosciences Stock Performance

NASDAQ:IGMS opened at $6.20 on Friday. IGM Biosciences has a 1 year low of $5.79 and a 1 year high of $22.50. The stock has a market cap of $368.68 million, a P/E ratio of -1.70 and a beta of 0.11. The stock has a 50-day simple moving average of $9.22 and a 200-day simple moving average of $10.93.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly 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 company had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. On average, equities research analysts predict that IGM Biosciences will post -3.33 EPS for the current year.

Institutional Investors Weigh In On IGM Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of IGMS. Geode Capital Management LLC lifted its stake in shares of IGM Biosciences by 7.6% in the third 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 during the period. State Street Corp lifted its position in shares of 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 acquiring an additional 12,174 shares during the period. AQR Capital Management LLC acquired a new stake in shares of IGM Biosciences during the 2nd quarter valued at approximately $84,000. Marshall Wace LLP boosted its stake in shares of IGM Biosciences by 51.6% during the 2nd quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock worth $737,000 after acquiring an additional 36,491 shares in the last quarter. Finally, Barclays PLC grew its holdings in shares of IGM Biosciences by 48.4% in the 3rd quarter. Barclays PLC now owns 21,554 shares of the company’s stock worth $356,000 after acquiring an additional 7,027 shares during the period. Institutional investors and hedge funds 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.