IGM Biosciences (NASDAQ:IGMS) Given Hold Rating at Jefferies Financial Group

IGM Biosciences (NASDAQ:IGMS)‘s stock had its “hold” rating reaffirmed by stock analysts at Jefferies Financial Group in a report issued on Friday,Benzinga reports. They currently have a $2.00 price target on the stock, down from their prior price target of $48.00. Jefferies Financial Group’s price objective would suggest a potential downside of 4.76% from the stock’s previous close.

Several other analysts also recently issued reports on the stock. Stifel Nicolaus downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their target price for the company from $27.00 to $2.50 in a research note on Friday. BMO Capital Markets reissued a “market perform” rating and issued a $2.00 price objective (down from $21.00) on shares of IGM Biosciences in a research note on Friday. Truist Financial lowered their target price on IGM Biosciences from $12.00 to $2.00 and set a “hold” rating on the stock in a research note on Friday. JPMorgan Chase & Co. lowered shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $12.00 to $9.00 in a research report on Tuesday, October 1st. Finally, Guggenheim lowered shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a research note on Friday. Two analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat, IGM Biosciences currently has a consensus rating of “Hold” and a consensus target price of $5.50.

IGM Biosciences Price Performance

Shares of IGM Biosciences stock traded down $4.10 during trading on Friday, hitting $2.10. The stock had a trading volume of 3,985,927 shares, compared to its average volume of 776,481. The business has a fifty day moving average of $9.22 and a two-hundred day moving average of $10.93. IGM Biosciences has a fifty-two week low of $1.87 and a fifty-two week high of $22.50. The firm has a market cap of $124.87 million, a P/E ratio of -0.58 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 analysts’ consensus estimates of ($0.82) by ($0.19). IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. The company had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.23 million. As a group, research analysts forecast that IGM Biosciences will post -3.33 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. MetLife Investment Management LLC acquired a new position in shares of IGM Biosciences during the third quarter worth approximately $149,000. Quest Partners LLC raised its stake in IGM Biosciences by 71.4% during the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after purchasing an additional 4,961 shares during the last quarter. AQR Capital Management LLC bought a new stake in IGM Biosciences in the 2nd quarter valued at $84,000. XTX Topco Ltd grew its position in IGM Biosciences by 70.9% in 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 during the last quarter. Finally, Barclays PLC increased its holdings in shares of IGM Biosciences by 48.4% during the 3rd 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. 42.79% of the stock is currently owned by institutional investors and hedge funds.

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.