State Street Corp increased its stake in shares of IGM Biosciences, Inc. (NASDAQ:IGMS – Free Report) by 2.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 469,790 shares of the company’s stock after buying an additional 12,174 shares during the period. State Street Corp owned about 0.79% of IGM Biosciences worth $7,770,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in IGMS. Bank of New York Mellon Corp increased its stake in shares of IGM Biosciences by 8.9% during 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 last quarter. Rhumbline Advisers increased its position in IGM Biosciences by 13.1% in the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after buying an additional 2,635 shares during the last quarter. TD Asset Management Inc raised its stake in shares of IGM Biosciences by 3.4% in the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after buying an additional 5,350 shares during the period. Quest Partners LLC lifted its position in shares of 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 buying an additional 4,961 shares during the last quarter. Finally, Bruce & Co. Inc. grew its stake in shares of IGM Biosciences by 53.8% during the 2nd quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock worth $687,000 after acquiring an additional 35,000 shares during the period. Institutional investors own 42.79% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on IGMS. Truist Financial cut IGM Biosciences from a “buy” rating to a “hold” rating and lowered their price objective for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Royal Bank of Canada upped their price target on shares of IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. lowered shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $12.00 to $9.00 in a research note on Tuesday, October 1st. HC Wainwright dropped their target price on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Finally, Guggenheim reduced their price target on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $17.75.
IGM Biosciences Stock Performance
IGM Biosciences stock opened at $6.37 on Friday. IGM Biosciences, Inc. has a fifty-two week low of $6.13 and a fifty-two week high of $22.50. The stock has a market cap of $378.79 million, a P/E ratio of -1.75 and a beta of 0.09. The firm’s fifty day moving average price is $11.12 and its 200-day moving average price is $11.00.
IGM Biosciences (NASDAQ:IGMS – Get Free Report) last announced its earnings results on Friday, November 8th. The company reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The business had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.23 million. Sell-side analysts predict that IGM Biosciences, Inc. will post -3.33 earnings per share for the current 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.
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