IGM Biosciences’ (IGMS) “Market Perform” Rating Reiterated at BMO Capital Markets

BMO Capital Markets restated their market perform rating on shares of IGM Biosciences (NASDAQ:IGMS) in a research report released on Friday morning, Marketbeat.com reports. The brokerage currently has a $2.00 target price on the stock, down from their prior target price of $21.00.

Other equities research analysts have also recently issued research reports about the stock. Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and dropped their target price for the stock from $24.00 to $12.00 in a research note on Tuesday, October 1st. Wedbush dropped their price objective on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a research report on Tuesday, October 1st. Guggenheim decreased their price objective on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. Stifel Nicolaus lifted their target price on IGM Biosciences from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Finally, Royal Bank of Canada upped their price target on IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. 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, the company presently has an average rating of “Hold” and a consensus price target of $5.50.

IGM Biosciences Price Performance

Shares of IGMS opened at $2.09 on Friday. The company 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 one year low of $1.87 and a one year high of $22.50. The business’s 50 day simple moving average is $8.94 and its 200-day simple moving average is $10.95.

IGM Biosciences (NASDAQ:IGMS) last posted 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). 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 analyst estimates of $0.23 million. On average, sell-side analysts anticipate that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Hedge Funds Weigh In On IGM Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its stake in shares of IGM Biosciences by 7.6% in the 3rd quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock valued at $6,548,000 after acquiring an additional 28,118 shares during the last quarter. State Street Corp grew its holdings in IGM Biosciences by 2.7% during the third quarter. State Street Corp now owns 469,790 shares of the company’s stock valued at $7,770,000 after purchasing an additional 12,174 shares during the period. AQR Capital Management LLC bought a new stake in IGM Biosciences in the second quarter valued at approximately $84,000. Marshall Wace LLP raised its holdings in IGM Biosciences by 51.6% in the second quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock worth $737,000 after purchasing an additional 36,491 shares during the period. Finally, Barclays PLC boosted its position in shares of IGM Biosciences by 48.4% during the third quarter. Barclays PLC now owns 21,554 shares of the company’s stock worth $356,000 after purchasing an additional 7,027 shares in the last quarter. Institutional investors own 42.79% of the company’s stock.

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.