IGM Biosciences, Inc. (NASDAQ:IGMS) Receives Consensus Rating of “Reduce” from Brokerages

IGM Biosciences, Inc. (NASDAQ:IGMS) has been given an average recommendation of “Reduce” by the ten ratings firms that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation and nine have assigned a hold recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $5.50.

Several equities research analysts have recently weighed in on the company. Morgan Stanley downgraded IGM Biosciences from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $12.00 to $2.00 in a report on Friday, January 10th. JPMorgan Chase & Co. upgraded IGM Biosciences from an “underweight” rating to a “neutral” rating in a research note on Monday, January 13th. Jefferies Financial Group reissued a “hold” rating and set a $2.00 target price (down from $48.00) on shares of IGM Biosciences in a research note on Friday, January 10th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $2.00 price target (down previously from $21.00) on shares of IGM Biosciences in a research note on Friday, January 10th. Finally, Wedbush reissued a “neutral” rating and issued a $3.00 price objective (down from $22.00) on shares of IGM Biosciences in a research report on Friday, January 10th.

Institutional Trading of IGM Biosciences

Hedge funds have recently bought and sold shares of the stock. China Universal Asset Management Co. Ltd. bought a new position in shares of IGM Biosciences in the 4th quarter worth $44,000. MetLife Investment Management LLC purchased a new position in IGM Biosciences in the third quarter valued at about $149,000. Barclays PLC raised its holdings in IGM Biosciences by 48.4% in 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. Cubist Systematic Strategies LLC purchased a new stake in shares of IGM Biosciences during the fourth quarter valued at about $184,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of IGM Biosciences in the 4th quarter valued at about $222,000. Hedge funds and other institutional investors own 42.79% of the company’s stock.

IGM Biosciences Trading Up 2.3 %

IGMS stock opened at $1.34 on Friday. The stock has a market cap of $79.68 million, a PE ratio of -0.37 and a beta of 0.03. IGM Biosciences has a 12 month low of $1.26 and a 12 month high of $22.50. The company has a 50-day moving average price of $3.01 and a 200 day moving average price of $9.12.

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.