IGM Biosciences (NASDAQ:IGMS) Price Target Cut to $2.00 by Analysts at Truist Financial

IGM Biosciences (NASDAQ:IGMS) had its target price reduced by investment analysts at Truist Financial from $12.00 to $2.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s price target would suggest a potential upside of 3.09% from the company’s current price.

A number of other research analysts have also recently commented on the stock. Guggenheim cut shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a report on Friday. Royal Bank of Canada downgraded shares of IGM Biosciences from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $20.00 to $1.50 in a research note on Friday. Stifel Nicolaus downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and decreased their price target for the company from $27.00 to $2.50 in a research note on Friday. Wedbush reissued a “neutral” rating and issued a $3.00 price objective (down previously from $22.00) on shares of IGM Biosciences in a research note on Friday. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $2.00 target price (down from $21.00) on shares of IGM Biosciences in a research report on Friday. Two equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat, IGM Biosciences has an average rating of “Hold” and an average price target of $5.89.

IGM Biosciences Stock Performance

NASDAQ IGMS traded down $4.26 during trading on Friday, hitting $1.94. The stock had a trading volume of 3,188,947 shares, compared to its average volume of 701,431. IGM Biosciences has a one year low of $1.87 and a one year high of $22.50. The stock has a 50 day simple moving average of $9.22 and a 200 day simple moving average of $10.93. The stock has a market capitalization of $115.36 million, a price-to-earnings ratio of -0.53 and a beta of 0.11.

IGM Biosciences (NASDAQ:IGMS) last issued 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 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%. On average, sell-side analysts predict that IGM Biosciences will post -3.33 EPS for the current year.

Institutional Investors Weigh In On IGM Biosciences

A number of institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers lifted its position in shares of IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after buying an additional 2,635 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of IGM Biosciences by 8.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock worth $371,000 after acquiring an additional 4,427 shares in the last quarter. Quest Partners LLC raised its stake in shares of IGM Biosciences by 71.4% during the 2nd 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. TD Asset Management Inc lifted its position in IGM Biosciences by 3.4% during the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after acquiring an additional 5,350 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in IGM Biosciences by 8.2% in the third quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company’s stock valued at $1,234,000 after acquiring an additional 5,683 shares in the last quarter. 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.