IGM Biosciences (NASDAQ:IGMS) Cut to Underweight at Morgan Stanley

Morgan Stanley downgraded shares of IGM Biosciences (NASDAQ:IGMS) from an equal weight rating to an underweight rating in a report published on Friday morning, MarketBeat reports. They currently have $2.00 target price on the stock, down from their prior target price of $12.00.

IGMS has been the topic of several other reports. Stifel Nicolaus cut IGM Biosciences from a “buy” rating to a “hold” rating and lowered their target price for the stock from $27.00 to $2.50 in a report on Friday. JPMorgan Chase & Co. lowered IGM Biosciences from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $12.00 to $9.00 in a research note on Tuesday, October 1st. BMO Capital Markets restated a “market perform” rating and issued a $2.00 target price (down from $21.00) on shares of IGM Biosciences in a report on Friday. Truist Financial lowered IGM Biosciences from a “buy” rating to a “hold” rating and reduced their price target for the stock from $24.00 to $12.00 in a report on Tuesday, October 1st. Finally, Royal Bank of Canada lowered shares of IGM Biosciences from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $20.00 to $1.50 in a report on Friday. Two investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $5.50.

IGM Biosciences Stock Performance

NASDAQ IGMS opened at $2.09 on Friday. The business has a fifty day moving average price of $8.94 and a 200 day moving average price of $10.95. The company 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 one year low of $1.87 and a one year high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results on Friday, November 8th. The company reported ($1.01) EPS for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). The business had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.23 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. As a group, sell-side analysts predict that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Institutional Trading of IGM Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp increased 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 valued at $7,770,000 after acquiring an additional 12,174 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of 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 purchasing an additional 28,118 shares during the period. TD Asset Management Inc increased its holdings in IGM Biosciences by 3.4% in the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after purchasing an additional 5,350 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in IGM Biosciences by 12.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 148,402 shares of the company’s stock valued at $2,455,000 after purchasing an additional 16,072 shares during the period. Finally, Renaissance Technologies LLC raised its position in IGM Biosciences by 126.0% in the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after purchasing an additional 60,593 shares during the period. 42.79% of the stock is currently owned by hedge funds and other institutional investors.

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.