BMO Capital Markets Begins Coverage on IGM Biosciences (NASDAQ:IGMS)

Equities research analysts at BMO Capital Markets started coverage on shares of IGM Biosciences (NASDAQ:IGMS) in a research note issued to investors on Friday, Marketbeat reports. The firm set an “outperform” rating and a $21.00 price target on the stock. BMO Capital Markets’ price target points to a potential upside of 103.69% from the company’s previous close.

A number of other equities analysts also recently issued reports on IGMS. Guggenheim cut their price target on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Truist Financial downgraded IGM Biosciences from a “buy” rating to a “hold” rating and cut their target price for the stock from $24.00 to $12.00 in a research note on Tuesday, October 1st. Wedbush cut their target price on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 1st. Stifel Nicolaus boosted their target price on IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Finally, Royal Bank of Canada boosted their target price on IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, IGM Biosciences currently has a consensus rating of “Hold” and a consensus price target of $16.67.

IGM Biosciences Stock Performance

IGMS stock opened at $10.31 on Friday. The company has a market capitalization of $613.03 million, a P/E ratio of -2.83 and a beta of 0.08. IGM Biosciences has a 52-week low of $5.58 and a 52-week high of $22.50. The business has a 50-day simple moving average of $13.38 and a two-hundred day simple moving average of $11.16.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings results 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). The company had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.23 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. As a group, sell-side analysts forecast that IGM Biosciences will post -3.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the sale, the chief executive officer now owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. The trade was a 1.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders have sold 5,902 shares of company stock valued at $68,109. 57.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On IGM Biosciences

A number of hedge funds have recently modified their holdings of IGMS. Bank of New York Mellon Corp raised its holdings in shares of IGM Biosciences by 8.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock worth $371,000 after purchasing an additional 4,427 shares during the period. Rhumbline Advisers raised 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. TD Asset Management Inc raised its holdings in IGM Biosciences by 3.4% during the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after acquiring an additional 5,350 shares during the period. Quest Partners LLC raised its holdings 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 acquiring an additional 4,961 shares during the period. Finally, Bruce & Co. Inc. raised its holdings in IGM Biosciences by 53.8% during the 2nd quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock valued at $687,000 after acquiring an additional 35,000 shares during the period. Institutional investors 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.