Wedbush Reaffirms “Neutral” Rating for IGM Biosciences (NASDAQ:IGMS)

Wedbush restated their neutral rating on shares of IGM Biosciences (NASDAQ:IGMS) in a research note published on Friday morning,RTT News reports. The brokerage currently has a $3.00 price objective on the stock, down from their prior price objective of $22.00.

IGMS has been the subject of several other reports. Stifel Nicolaus downgraded IGM Biosciences from a “buy” rating to a “hold” rating and reduced their target price for the company from $27.00 to $2.50 in a report on Friday. Truist Financial lowered shares of IGM Biosciences from a “buy” rating to a “hold” rating and lowered their target price for the stock from $24.00 to $12.00 in a research report on Tuesday, October 1st. BMO Capital Markets reiterated a “market perform” rating and issued a $2.00 price target (down previously from $21.00) on shares of IGM Biosciences in a research report on Friday. Morgan Stanley downgraded shares of IGM Biosciences from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $12.00 to $2.00 in a research report on Friday. Finally, Guggenheim downgraded 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 assigned a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $5.50.

IGM Biosciences Stock Down 66.3 %

IGMS stock opened at $2.09 on Friday. The stock has a market cap of $124.28 million, a price-to-earnings ratio of -0.57 and a beta of 0.11. IGM Biosciences has a fifty-two week low of $1.87 and a fifty-two week high of $22.50. The business has a 50 day moving average price of $8.94 and a 200 day moving average price of $10.89.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results on Friday, November 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $0.23 million. As a group, sell-side analysts anticipate that IGM Biosciences will post -3.33 EPS for the current year.

Hedge Funds Weigh In On IGM Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quest Partners LLC lifted its holdings in shares of IGM Biosciences by 71.4% in the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after buying an additional 4,961 shares during the period. AQR Capital Management LLC acquired a new stake in IGM Biosciences in the second quarter valued at $84,000. XTX Topco Ltd boosted its position in shares of IGM Biosciences by 70.9% during 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 in the last quarter. MetLife Investment Management LLC purchased a new position in shares of IGM Biosciences in the 3rd quarter valued at about $149,000. Finally, Rhumbline Advisers lifted its stake in shares of IGM Biosciences by 13.1% in the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after purchasing an additional 2,635 shares during the period. Institutional investors and hedge funds 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.