IGM Biosciences (NASDAQ:IGMS) Given “Market Perform” Rating at BMO Capital Markets

IGM Biosciences (NASDAQ:IGMS)‘s stock had its “market perform” rating reiterated by stock analysts at BMO Capital Markets in a report issued on Friday, MarketBeat reports. They currently have a $2.00 price objective on the stock, down from their prior price objective of $21.00. BMO Capital Markets’ price target suggests a potential downside of 67.74% from the stock’s current price.

IGMS has been the subject of several other reports. Truist Financial lowered IGM Biosciences from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $24.00 to $12.00 in a research report on Tuesday, October 1st. Guggenheim lowered their target price on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Royal Bank of Canada increased their price target on IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. JPMorgan Chase & Co. lowered shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $12.00 to $9.00 in a research note on Tuesday, October 1st. Finally, Wedbush cut their target price on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 1st. Two 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’s stock. According to data from MarketBeat.com, 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 fifty-two week low of $5.79 and a fifty-two week high of $22.50. The company has a 50 day simple moving average of $9.22 and a two-hundred day simple moving average of $10.93. The company has a market capitalization of $368.68 million, a PE ratio of -1.70 and a beta of 0.11.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Quest Partners LLC increased 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 worth $82,000 after acquiring an additional 4,961 shares in the last quarter. AQR Capital Management LLC acquired a new position in IGM Biosciences during the 2nd quarter valued at about $84,000. XTX Topco Ltd increased its holdings in IGM Biosciences by 70.9% during the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after purchasing an additional 8,467 shares in the last quarter. MetLife Investment Management LLC bought a new stake in IGM Biosciences during the 3rd quarter worth approximately $149,000. Finally, Rhumbline Advisers raised its stake in shares of IGM Biosciences by 13.1% in the second 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. Institutional investors and hedge funds 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.