IGM Biosciences (NASDAQ:IGMS) Cut to “Neutral” at Guggenheim

Guggenheim cut shares of IGM Biosciences (NASDAQ:IGMS) from a buy rating to a neutral rating in a report published on Friday morning, MarketBeat Ratings reports.

Other equities research analysts also recently issued research reports about the company. Royal Bank of Canada increased their price objective on IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Truist Financial lowered IGM Biosciences from a “buy” rating to a “hold” rating and lowered their target price for the stock from $24.00 to $12.00 in a research note on Tuesday, October 1st. Wedbush cut their price objective on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. BMO Capital Markets reissued a “market perform” rating and set a $2.00 target price (down from $21.00) on shares of IGM Biosciences in a report on Friday. Finally, Stifel Nicolaus lifted their price objective on shares of IGM Biosciences from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Two analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $5.50.

IGM Biosciences Stock Performance

Shares of IGMS opened at $2.09 on Friday. The stock has a 50 day simple moving average of $8.94 and a 200 day simple moving average of $10.95. IGM Biosciences has a 52-week low of $1.87 and a 52-week high of $22.50. The firm has a market capitalization of $124.28 million, a PE ratio of -0.57 and a beta of 0.11.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data 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). IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The firm had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.23 million. Equities research analysts predict that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Hedge Funds Weigh In On IGM Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers grew 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 valued at $156,000 after buying an additional 2,635 shares during the last quarter. Bank of New York Mellon Corp grew its stake in IGM Biosciences by 8.9% in the second quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock valued at $371,000 after acquiring an additional 4,427 shares during the period. Quest Partners LLC lifted its stake in shares of IGM Biosciences by 71.4% in the second 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 in the last quarter. TD Asset Management Inc lifted its position in IGM Biosciences by 3.4% in 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 in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of IGM Biosciences by 8.2% in the third quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company’s stock valued at $1,234,000 after purchasing an additional 5,683 shares in the last quarter. 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.