Brokerages Set IGM Biosciences, Inc. (NASDAQ:IGMS) Target Price at $17.75

IGM Biosciences, Inc. (NASDAQ:IGMS) has been assigned an average recommendation of “Reduce” from the ten research firms that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell rating and eight have issued a hold rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $5.50.

A number of analysts have commented on IGMS shares. Stifel Nicolaus cut shares of 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. BMO Capital Markets restated a “market perform” rating and issued a $2.00 price objective (down from $21.00) on shares of IGM Biosciences in a research note on Friday. Jefferies Financial Group reiterated a “hold” rating and set a $2.00 target price (down from $48.00) on shares of IGM Biosciences in a research report on Friday. JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $12.00 to $9.00 in a research report on Tuesday, October 1st. Finally, Guggenheim cut IGM Biosciences from a “buy” rating to a “neutral” rating in a research report on Friday.

IGM Biosciences Price Performance

IGMS stock opened at $2.09 on Thursday. The stock has a market capitalization of $124.28 million, a P/E ratio of -0.57 and a beta of 0.11. IGM Biosciences has a 1-year low of $1.87 and a 1-year high of $22.50. The business has a fifty day moving average price of $8.94 and a 200-day moving average price of $10.92.

IGM Biosciences (NASDAQ:IGMS) last posted 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 net margin of 7,534.03% and a negative return on equity of 155.42%. The firm had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.23 million. As a group, analysts anticipate that IGM Biosciences will post -3.33 earnings per share for the current year.

Institutional Trading of IGM Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC lifted its position in IGM Biosciences by 126.0% during the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after purchasing an additional 60,593 shares during the last quarter. Marshall Wace LLP lifted its holdings in shares of IGM Biosciences by 51.6% in the 2nd quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock valued at $737,000 after acquiring an additional 36,491 shares during the last quarter. Bruce & Co. Inc. grew its position in IGM Biosciences by 53.8% in the second quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock worth $687,000 after acquiring an additional 35,000 shares in the last quarter. Wellington Management Group LLP increased its stake in IGM Biosciences by 42.6% during the third quarter. Wellington Management Group LLP now owns 98,339 shares of the company’s stock worth $1,627,000 after acquiring an additional 29,374 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in IGM Biosciences by 7.6% during the third quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock valued at $6,548,000 after purchasing an additional 28,118 shares during the period. 42.79% of the stock is currently owned by institutional investors.

About IGM Biosciences

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.