Truist Financial Issues Pessimistic Forecast for IGM Biosciences (NASDAQ:IGMS) Stock Price

IGM Biosciences (NASDAQ:IGMS) had its price objective decreased by investment analysts at Truist Financial from $12.00 to $2.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s target price suggests a potential downside of 4.31% from the stock’s current price.

A number of other research analysts also recently weighed in on the stock. Stifel Nicolaus downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their price target for the company from $27.00 to $2.50 in a report on Friday. Royal Bank of Canada cut IGM Biosciences from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $20.00 to $1.50 in a research report on Friday. Wedbush reiterated a “neutral” rating and set a $3.00 price target (down previously from $22.00) on shares of IGM Biosciences in a research note on Friday. JPMorgan Chase & Co. downgraded IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $12.00 to $9.00 in a research note on Tuesday, October 1st. Finally, Guggenheim downgraded IGM Biosciences from a “buy” rating to a “neutral” rating in a report on Friday. Two investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, IGM Biosciences has an average rating of “Hold” and a consensus target price of $5.50.

IGM Biosciences Price Performance

Shares of IGMS stock opened at $2.09 on Friday. IGM Biosciences has a fifty-two week low of $1.87 and a fifty-two week high of $22.50. The stock’s 50-day moving average is $8.94 and its two-hundred day moving average is $10.92. The firm has a market cap of $124.28 million, a P/E ratio of -0.57 and a beta of 0.11.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings data on Friday, November 8th. The company reported ($1.01) EPS for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). The firm had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. As a group, research analysts expect that IGM Biosciences will post -3.33 EPS for the current year.

Hedge Funds Weigh In On IGM Biosciences

Several large investors have recently bought and sold shares of IGMS. Quest Partners LLC increased its holdings 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 worth $82,000 after purchasing an additional 4,961 shares during the period. AQR Capital Management LLC acquired a new stake in IGM Biosciences during the second quarter worth about $84,000. XTX Topco Ltd increased its stake in IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after acquiring an additional 8,467 shares during the period. MetLife Investment Management LLC bought a new stake in shares of IGM Biosciences in the 3rd quarter worth approximately $149,000. Finally, Rhumbline Advisers lifted its position in shares of IGM Biosciences by 13.1% in the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after acquiring an additional 2,635 shares during the period. 42.79% of the stock is currently owned by institutional investors and hedge funds.

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.