IGM Biosciences, Inc. (NASDAQ:IGMS) Receives $5.50 Consensus PT from Brokerages

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) have been assigned a consensus rating of “Reduce” from the ten brokerages that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating and nine have given a hold rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $5.50.

Several analysts have commented on IGMS shares. Truist Financial dropped their target price on shares of IGM Biosciences from $12.00 to $2.00 and set a “hold” rating for the company in a research report on Friday, January 10th. Jefferies Financial Group reiterated a “hold” rating and issued a $2.00 price objective (down previously from $48.00) on shares of IGM Biosciences in a report on Friday, January 10th. Stifel Nicolaus cut IGM Biosciences from a “buy” rating to a “hold” rating and reduced their target price for the stock from $27.00 to $2.50 in a report on Friday, January 10th. Royal Bank of Canada lowered IGM Biosciences from an “outperform” rating to a “sector perform” rating and decreased their target price for the stock from $20.00 to $1.50 in a research report on Friday, January 10th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $2.00 price target (down from $21.00) on shares of IGM Biosciences in a research report on Friday, January 10th.

IGM Biosciences Stock Up 4.1 %

Shares of IGMS stock opened at $1.28 on Tuesday. The firm has a market cap of $76.51 million, a price-to-earnings ratio of -0.35 and a beta of 0.37. IGM Biosciences has a 12 month low of $1.15 and a 12 month high of $22.50. The stock has a 50-day moving average price of $1.41 and a 200 day moving average price of $7.92.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results on Thursday, March 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.74) by $0.13. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. The company had revenue of $0.41 million for the quarter, compared to analyst estimates of $0.39 million. Sell-side analysts predict that IGM Biosciences will post -3.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IGM Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Barclays PLC boosted its stake in IGM Biosciences by 48.4% in the 3rd quarter. Barclays PLC now owns 21,554 shares of the company’s stock worth $356,000 after purchasing an additional 7,027 shares during the period. Geode Capital Management LLC lifted its holdings in shares of IGM Biosciences by 7.6% in the third quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock valued at $6,548,000 after purchasing an additional 28,118 shares in the last quarter. State Street Corp boosted its position in shares of IGM Biosciences by 2.7% during the third quarter. State Street Corp now owns 469,790 shares of the company’s stock worth $7,770,000 after buying an additional 12,174 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of IGM Biosciences by 12.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 148,402 shares of the company’s stock worth $2,455,000 after buying an additional 16,072 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in IGM Biosciences by 8.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company’s stock valued at $1,234,000 after buying an additional 5,683 shares during the last quarter. 42.79% of the stock is currently owned by institutional investors and hedge funds.

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.