IGM Biosciences, Inc. (NASDAQ:IGMS) Receives Consensus Rating of “Reduce” from Analysts

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) have been assigned an average recommendation of “Reduce” from the ten brokerages that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation and nine have assigned a hold recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $5.50.

A number of brokerages recently weighed in on IGMS. Morgan Stanley downgraded shares of IGM Biosciences from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $12.00 to $2.00 in a research report on Friday, January 10th. BMO Capital Markets reissued a “market perform” rating and issued a $2.00 price target (down previously from $21.00) on shares of IGM Biosciences in a report on Friday, January 10th. Guggenheim downgraded IGM Biosciences from a “buy” rating to a “neutral” rating in a research note on Friday, January 10th. Royal Bank of Canada lowered 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 report on Friday, January 10th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $2.00 price target (down previously from $48.00) on shares of IGM Biosciences in a report on Friday, January 10th.

Hedge Funds Weigh In On IGM Biosciences

Several large investors have recently bought and sold shares of the stock. China Universal Asset Management Co. Ltd. acquired a new stake in shares of IGM Biosciences in the 4th quarter worth approximately $44,000. MetLife Investment Management LLC bought a new stake in IGM Biosciences during the third quarter worth approximately $149,000. Cubist Systematic Strategies LLC acquired a new stake in IGM Biosciences in the fourth quarter worth approximately $184,000. Susquehanna Fundamental Investments LLC bought a new position in IGM Biosciences during the 4th quarter valued at $222,000. Finally, Barclays PLC increased its position in shares of IGM Biosciences by 48.4% during the 3rd quarter. Barclays PLC now owns 21,554 shares of the company’s stock valued at $356,000 after purchasing an additional 7,027 shares during the period. Institutional investors and hedge funds own 42.79% of the company’s stock.

IGM Biosciences Trading Up 5.9 %

Shares of IGMS opened at $1.26 on Tuesday. IGM Biosciences has a 52 week low of $1.15 and a 52 week high of $22.50. The firm has a market cap of $75.32 million, a price-to-earnings ratio of -0.35 and a beta of 0.37. The stock has a 50 day moving average of $1.45 and a 200-day moving average of $8.08.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings data on Thursday, March 6th. The company reported ($0.61) EPS for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.13. The firm had revenue of $0.41 million during the quarter, compared to the consensus estimate of $0.39 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. On average, sell-side analysts predict that IGM Biosciences will post -3.35 earnings per share for the current fiscal year.

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.