IGM Biosciences (NASDAQ:IGMS) Rating Increased to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of IGM Biosciences (NASDAQ:IGMS) from an underweight rating to a neutral rating in a research note issued to investors on Monday,Benzinga reports.

Several other analysts have also issued reports on IGMS. Morgan Stanley lowered IGM Biosciences from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $12.00 to $2.00 in a report on Friday. Guggenheim downgraded IGM Biosciences from a “buy” rating to a “neutral” rating in a research note on Friday. Wedbush restated a “neutral” rating and set a $3.00 target price (down previously from $22.00) on shares of IGM Biosciences in a research note on Friday. Stifel Nicolaus cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $27.00 to $2.50 in a research note on Friday. Finally, BMO Capital Markets restated a “market perform” rating and set a $2.00 price objective (down from $21.00) on shares of IGM Biosciences in a research report on Friday. One investment analyst has rated the stock with a sell rating and nine have issued a hold rating to the stock. Based on data from MarketBeat, IGM Biosciences has a consensus rating of “Hold” and an average target price of $5.50.

IGM Biosciences Stock Down 15.3 %

NASDAQ IGMS opened at $1.77 on Monday. The firm has a market capitalization of $105.25 million, a P/E ratio of -0.49 and a beta of 0.11. The company has a 50-day moving average price of $8.66 and a 200-day moving average price of $10.92. IGM Biosciences has a 52 week low of $1.77 and a 52 week high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings results on Friday, November 8th. The company reported ($1.01) earnings per share for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The business had revenue of $0.52 million during the quarter, compared to the consensus estimate 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, equities research analysts anticipate that IGM Biosciences will post -3.33 EPS for the current year.

Institutional Trading of IGM Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. MetLife Investment Management LLC bought a new stake in shares of IGM Biosciences in the third quarter worth about $149,000. Quest Partners LLC grew its holdings in IGM Biosciences by 71.4% during the 2nd 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. AQR Capital Management LLC bought a new stake in IGM Biosciences in the 2nd quarter worth approximately $84,000. XTX Topco Ltd raised its holdings in shares of IGM Biosciences by 70.9% during the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after acquiring an additional 8,467 shares in the last quarter. Finally, Barclays PLC boosted its position in shares of IGM Biosciences by 48.4% during the 3rd quarter. Barclays PLC now owns 21,554 shares of the company’s stock valued at $356,000 after acquiring an additional 7,027 shares during the last quarter. 42.79% of the stock is currently owned by 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.