IGM Biosciences (NASDAQ:IGMS) Downgraded by Stifel Nicolaus to “Hold”

Stifel Nicolaus lowered shares of IGM Biosciences (NASDAQ:IGMS) from a buy rating to a hold rating in a research report released on Friday, MarketBeat Ratings reports. The firm currently has $2.50 price target on the stock, down from their prior price target of $27.00.

A number of other equities analysts have also recently issued reports on the stock. Royal Bank of Canada cut shares of IGM Biosciences from an “outperform” rating to a “sector perform” rating and cut their price objective for the stock from $20.00 to $1.50 in a research report on Friday. BMO Capital Markets reissued a “market perform” rating and issued a $2.00 price objective (down previously from $21.00) on shares of IGM Biosciences in a research note on Friday. Guggenheim lowered IGM Biosciences from a “buy” rating to a “neutral” rating in a research report on Friday. Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and reduced their price target for the company from $24.00 to $12.00 in a research report on Tuesday, October 1st. Finally, Wedbush lowered their price objective on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a report on Tuesday, October 1st. Two investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $5.50.

IGM Biosciences Trading Down 66.3 %

Shares of IGM Biosciences stock opened at $2.09 on Friday. IGM Biosciences has a 1-year low of $1.87 and a 1-year high of $22.50. The business has a 50-day moving average price of $8.94 and a two-hundred day moving average price of $10.89. The company has a market cap of $124.28 million, a P/E ratio of -0.57 and a beta of 0.11.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data on Friday, November 8th. The company reported ($1.01) EPS 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 company had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.23 million. Equities research analysts forecast that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Hedge Funds Weigh In On IGM Biosciences

Institutional investors have recently modified their holdings of the business. Barclays PLC boosted its position 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 last quarter. Geode Capital Management LLC boosted its holdings 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. Wellington Management Group LLP grew its position in IGM Biosciences by 42.6% during the third quarter. Wellington Management Group LLP now owns 98,339 shares of the company’s stock valued at $1,627,000 after buying an additional 29,374 shares during the period. State Street Corp increased its holdings in IGM Biosciences by 2.7% during the third quarter. State Street Corp now owns 469,790 shares of the company’s stock worth $7,770,000 after buying an additional 12,174 shares during the last quarter. Finally, MetLife Investment Management LLC bought a new stake in IGM Biosciences in the third quarter worth about $149,000. 42.79% of the stock is owned by institutional investors.

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.