IGM Biosciences (NASDAQ:IGMS) Cut to Sector Perform at Royal Bank of Canada

Royal Bank of Canada downgraded shares of IGM Biosciences (NASDAQ:IGMS) from an outperform rating to a sector perform rating in a report published on Friday morning, MarketBeat.com reports. They currently have $1.50 target price on the stock, down from their prior target price of $20.00.

IGMS has been the subject of a number of other reports. Guggenheim cut shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a research report on Friday. Stifel Nicolaus boosted their target price on IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. BMO Capital Markets reissued a “market perform” rating and issued a $2.00 price objective (down from $21.00) on shares of IGM Biosciences in a research report on Friday. JPMorgan Chase & Co. downgraded IGM Biosciences from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $12.00 to $9.00 in a report on Tuesday, October 1st. Finally, Wedbush cut their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 1st. Two investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $5.50.

IGM Biosciences Trading Down 66.3 %

Shares of NASDAQ IGMS opened at $2.09 on Friday. The company has a 50-day moving average of $8.94 and a 200 day moving average of $10.95. The stock has a market cap of $124.28 million, a PE ratio of -0.57 and a beta of 0.11. IGM Biosciences has a 12-month low of $1.87 and a 12-month high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last announced 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). The firm had revenue of $0.52 million during the quarter, compared to analysts’ expectations of $0.23 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. On average, sell-side analysts forecast 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 bought and sold shares of the company. Barclays PLC raised its stake in shares of IGM Biosciences by 48.4% during the 3rd quarter. Barclays PLC now owns 21,554 shares of the company’s stock worth $356,000 after buying an additional 7,027 shares in the last quarter. Geode Capital Management LLC grew its holdings in IGM Biosciences by 7.6% during the 3rd quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock valued at $6,548,000 after buying an additional 28,118 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of IGM Biosciences by 42.6% during the third quarter. Wellington Management Group LLP now owns 98,339 shares of the company’s stock valued at $1,627,000 after acquiring an additional 29,374 shares during the last quarter. State Street Corp increased its stake in shares of IGM Biosciences by 2.7% during the 3rd quarter. State Street Corp now owns 469,790 shares of the company’s stock valued at $7,770,000 after acquiring an additional 12,174 shares during the last quarter. Finally, MetLife Investment Management LLC acquired a new position in shares of IGM Biosciences in the 3rd quarter valued at $149,000. 42.79% of the stock is currently owned by hedge funds and other institutional investors.

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.