IGM Biosciences (NASDAQ:IGMS) Earns “Hold” Rating from Jefferies Financial Group

IGM Biosciences (NASDAQ:IGMS)‘s stock had its “hold” rating restated by equities research analysts at Jefferies Financial Group in a research note issued to investors on Friday,Benzinga reports. They currently have a $2.00 target price on the stock, down from their prior target price of $48.00. Jefferies Financial Group’s price target indicates a potential downside of 4.31% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. Guggenheim cut IGM Biosciences from a “buy” rating to a “neutral” rating in a research note on Friday. Royal Bank of Canada downgraded shares of IGM Biosciences from an “outperform” rating to a “sector perform” rating and lowered their price target for the stock from $20.00 to $1.50 in a report on Friday. Wedbush reiterated a “neutral” rating and set a $3.00 price target (down from $22.00) on shares of IGM Biosciences in a report on Friday. JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $12.00 to $9.00 in a report on Tuesday, October 1st. Finally, Morgan Stanley downgraded shares of IGM Biosciences from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $12.00 to $2.00 in a report on Friday. Two equities research 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 has an average rating of “Hold” and a consensus target price of $5.50.

IGM Biosciences Price Performance

NASDAQ IGMS opened at $2.09 on Friday. The business has a fifty day moving average price of $8.94 and a two-hundred day moving average price of $10.92. IGM Biosciences has a fifty-two week low of $1.87 and a fifty-two week high of $22.50. The stock 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 released its 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). IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The business had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.23 million. As a group, sell-side analysts expect that IGM Biosciences will post -3.33 earnings per share 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. 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 worth $6,548,000 after acquiring an additional 28,118 shares during the period. State Street Corp grew its holdings in IGM Biosciences by 2.7% during the 3rd quarter. State Street Corp now owns 469,790 shares of the company’s stock worth $7,770,000 after acquiring an additional 12,174 shares during the period. AQR Capital Management LLC acquired a new stake in IGM Biosciences during the 2nd quarter worth about $84,000. Marshall Wace LLP grew its holdings in IGM Biosciences by 51.6% during the 2nd quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock worth $737,000 after acquiring an additional 36,491 shares during the period. Finally, Barclays PLC grew its holdings in 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 acquiring an additional 7,027 shares during the period. 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.