IGM Biosciences (NASDAQ:IGMS) Cut to “Underweight” at Morgan Stanley

IGM Biosciences (NASDAQ:IGMS) was downgraded by analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research report issued to clients and investors on Friday,Briefing.com Automated Import reports. They presently have a $2.00 price objective on the stock, down from their prior price objective of $12.00. Morgan Stanley’s target price would suggest a potential downside of 67.74% from the stock’s previous close.

A number of other research analysts have also weighed in on the company. Royal Bank of Canada lowered IGM Biosciences from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $20.00 to $1.50 in a research report on Friday. Truist Financial cut IGM Biosciences from a “buy” rating to a “hold” rating and cut their price target for the company from $24.00 to $12.00 in a report on Tuesday, October 1st. Guggenheim cut IGM Biosciences from a “buy” rating to a “neutral” rating in a report on Friday. Wedbush reduced their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 1st. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $2.00 price objective (down previously from $21.00) on shares of IGM Biosciences in a research report on Friday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, IGM Biosciences currently has an average rating of “Hold” and an average price target of $9.11.

IGM Biosciences Trading Down 8.8 %

NASDAQ:IGMS opened at $6.20 on Friday. The stock has a 50-day moving average price of $9.22 and a 200 day moving average price of $10.93. The stock has a market capitalization of $368.68 million, a P/E ratio of -1.70 and a beta of 0.11. IGM Biosciences has a 12-month low of $5.79 and a 12-month high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data 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). 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 analysts’ expectations of $0.23 million. On average, research analysts predict that IGM Biosciences will post -3.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IGM Biosciences

A number of large investors have recently made changes to their positions in IGMS. Quest Partners LLC raised its position in IGM Biosciences by 71.4% in the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after purchasing an additional 4,961 shares during the period. AQR Capital Management LLC bought a new position in shares of IGM Biosciences during the second quarter valued at approximately $84,000. XTX Topco Ltd raised its holdings in shares of IGM Biosciences by 70.9% in the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after buying an additional 8,467 shares during the period. MetLife Investment Management LLC bought a new stake in shares of IGM Biosciences during the 3rd quarter worth approximately $149,000. Finally, Rhumbline Advisers boosted its holdings in IGM Biosciences by 13.1% during the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after acquiring an additional 2,635 shares during the period. 42.79% of the stock is owned by hedge funds and other 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.