IGM Biosciences (NASDAQ:IGMS) Cut to Hold at Stifel Nicolaus

Stifel Nicolaus lowered shares of IGM Biosciences (NASDAQ:IGMS) from a buy rating to a hold rating in a research report sent to investors on Friday morning, Marketbeat reports. They currently have $2.50 price target on the stock, down from their prior price target of $27.00.

IGMS has been the topic of several other reports. JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $12.00 to $9.00 in a report on Tuesday, October 1st. Truist Financial cut IGM Biosciences from a “buy” rating to a “hold” rating and reduced their price objective for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Wedbush decreased their target price on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a research report on Tuesday, October 1st. Royal Bank of Canada cut 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 research note on Friday. Finally, Guggenheim downgraded IGM Biosciences from a “buy” rating to a “neutral” rating in a research note on Friday. Two 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, the company presently has a consensus rating of “Hold” and a consensus target price of $5.50.

IGM Biosciences Stock Down 66.3 %

Shares of IGMS stock opened at $2.09 on Friday. 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 twelve month low of $1.87 and a twelve month high of $22.50. The business has a fifty day simple moving average of $8.94 and a 200 day simple moving average of $10.95.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly 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 firm had revenue of $0.52 million during the quarter, compared to the consensus estimate 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, equities research analysts anticipate that IGM Biosciences will post -3.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IGM Biosciences

A number of large investors have recently made changes to their positions in IGMS. Quest Partners LLC lifted its stake in IGM Biosciences by 71.4% in the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after purchasing an additional 4,961 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of IGM Biosciences during the 2nd quarter valued at about $84,000. XTX Topco Ltd raised its stake in shares of IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after acquiring an additional 8,467 shares in the last quarter. MetLife Investment Management LLC bought a new stake in IGM Biosciences in the third quarter worth $149,000. Finally, Rhumbline Advisers lifted its stake in shares of IGM Biosciences by 13.1% in the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after acquiring an additional 2,635 shares during the last quarter. 42.79% of the stock is owned by 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.