IGM Biosciences (NASDAQ:IGMS) Stock Rating Lowered by Royal Bank of Canada

IGM Biosciences (NASDAQ:IGMS) was downgraded by investment analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a report issued on Friday,Briefing.com Automated Import reports. They currently have a $1.50 price objective on the stock, down from their previous price objective of $20.00. Royal Bank of Canada’s target price would indicate a potential downside of 75.81% from the stock’s previous close.

A number of other equities research analysts also recently commented on the stock. Wedbush lowered their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. BMO Capital Markets reiterated a “market perform” rating and issued a $2.00 price target (down from $21.00) on shares of IGM Biosciences in a report on Friday. JPMorgan Chase & Co. lowered IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $12.00 to $9.00 in a research note on Tuesday, October 1st. Stifel Nicolaus lifted their price objective on IGM Biosciences from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Finally, Guggenheim downgraded IGM Biosciences from a “buy” rating to a “neutral” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, IGM Biosciences has a consensus rating of “Hold” and a consensus price target of $9.11.

IGM Biosciences Price Performance

Shares of IGMS opened at $6.20 on Friday. IGM Biosciences has a 1-year low of $5.79 and a 1-year high of $22.50. The firm has a 50 day simple moving average of $9.22 and a 200-day simple moving average of $10.93. The stock has a market cap of $368.68 million, a price-to-earnings ratio of -1.70 and a beta of 0.11.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings results on Friday, November 8th. The company reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). The company had revenue of $0.52 million during the quarter, compared to analyst estimates 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 analysts expect that IGM Biosciences will post -3.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IGM Biosciences

A number of institutional investors have recently added to or reduced their stakes in IGMS. Quest Partners LLC raised its holdings in shares of 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 during the period. AQR Capital Management LLC purchased a new position in IGM Biosciences in the second quarter valued at approximately $84,000. XTX Topco Ltd lifted its position in IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after buying an additional 8,467 shares in the last quarter. MetLife Investment Management LLC acquired a new position in IGM Biosciences during the third quarter valued at approximately $149,000. Finally, Rhumbline Advisers grew its stake in IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after buying an additional 2,635 shares during the period. Hedge funds and other institutional investors own 42.79% of the company’s stock.

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.