BMO Capital Markets Reiterates Market Perform Rating for IGM Biosciences (NASDAQ:IGMS)

IGM Biosciences (NASDAQ:IGMS)‘s stock had its “market perform” rating restated by stock analysts at BMO Capital Markets in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. They currently have a $2.00 target price on the stock, down from their prior target price of $21.00. BMO Capital Markets’ price target would suggest a potential downside of 67.74% from the company’s current price.

Several other research analysts have also recently weighed in on the company. Guggenheim cut their price objective on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their price target for the stock from $24.00 to $12.00 in a report on Tuesday, October 1st. JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $12.00 to $9.00 in a report on Tuesday, October 1st. Royal Bank of Canada lifted their price objective on shares of IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Finally, Stifel Nicolaus increased their target price on shares of IGM Biosciences from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, IGM Biosciences has a consensus rating of “Hold” and an average target price of $9.11.

IGM Biosciences Price Performance

IGMS opened at $6.20 on Friday. IGM Biosciences has a fifty-two week low of $5.79 and a fifty-two week high of $22.50. The firm has a market capitalization of $368.68 million, a P/E ratio of -1.70 and a beta of 0.11. The company’s 50-day moving average is $9.22 and its 200 day moving average is $10.93.

IGM Biosciences (NASDAQ:IGMS) last posted its earnings results on Friday, November 8th. The company reported ($1.01) EPS for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The firm had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. On average, equities research 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 have recently modified their holdings of the business. Renaissance Technologies LLC raised its holdings in IGM Biosciences by 126.0% during the 2nd quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after acquiring an additional 60,593 shares during the period. Marshall Wace LLP lifted 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 purchasing an additional 36,491 shares in the last quarter. Bruce & Co. Inc. lifted its holdings in IGM Biosciences by 53.8% during the 2nd quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock worth $687,000 after purchasing an additional 35,000 shares in the last quarter. Wellington Management Group LLP boosted its stake in IGM Biosciences by 42.6% in the 3rd quarter. Wellington Management Group LLP now owns 98,339 shares of the company’s stock worth $1,627,000 after purchasing an additional 29,374 shares during the period. Finally, 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 valued at $6,548,000 after buying an additional 28,118 shares in the last quarter. 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.