Wedbush Reiterates Neutral Rating for IGM Biosciences (NASDAQ:IGMS)

IGM Biosciences (NASDAQ:IGMS)‘s stock had its “neutral” rating reaffirmed by analysts at Wedbush in a report issued on Friday, MarketBeat reports. They currently have a $3.00 price target on the stock, down from their prior price target of $22.00. Wedbush’s price target points to a potential upside of 43.54% from the stock’s current price.

A number of other brokerages have also recently issued reports on IGMS. Guggenheim cut shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a research note on Friday. Truist Financial cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their price target for the company from $24.00 to $12.00 in a report on Tuesday, October 1st. Royal Bank of Canada lowered shares of IGM Biosciences from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $20.00 to $1.50 in a report on Friday. JPMorgan Chase & Co. lowered IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $12.00 to $9.00 in a report on Tuesday, October 1st. Finally, Stifel Nicolaus lowered IGM Biosciences from a “buy” rating to a “hold” rating and decreased their target price for the stock from $27.00 to $2.50 in a research report on Friday. Two research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $5.50.

IGM Biosciences Price Performance

Shares of NASDAQ IGMS opened at $2.09 on Friday. The stock has a market cap of $124.28 million, a P/E ratio of -0.57 and a beta of 0.11. IGM Biosciences has a 1 year low of $1.87 and a 1 year high of $22.50. The firm has a 50-day moving average of $8.94 and a 200 day moving average of $10.92.

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). 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 $0.52 million for the quarter, compared to analysts’ expectations of $0.23 million. Research analysts expect that IGM Biosciences will post -3.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IGM Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of IGMS. Rhumbline Advisers lifted its position in IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after purchasing an additional 2,635 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of IGM Biosciences by 8.9% in the second quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock worth $371,000 after buying an additional 4,427 shares during the period. Quest Partners LLC raised its stake in shares of IGM Biosciences by 71.4% in the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after buying an additional 4,961 shares during the period. TD Asset Management Inc lifted its position in shares of IGM Biosciences by 3.4% during the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after buying an additional 5,350 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of IGM Biosciences by 8.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company’s stock valued at $1,234,000 after acquiring an additional 5,683 shares during the period. 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.