IGM Biosciences (NASDAQ:IGMS) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of IGM Biosciences (NASDAQ:IGMS) from an underweight rating to a neutral rating in a research report released on Monday morning,Benzinga reports.

IGMS has been the topic of a number of other reports. Truist Financial cut their target price on shares of IGM Biosciences from $12.00 to $2.00 and set a “hold” rating on the stock in a research note on Friday, January 10th. Stifel Nicolaus lowered shares of IGM Biosciences from a “buy” rating to a “hold” rating and reduced their price objective for the company from $27.00 to $2.50 in a report on Friday, January 10th. Morgan Stanley cut shares of IGM Biosciences from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $12.00 to $2.00 in a research report on Friday, January 10th. Jefferies Financial Group reissued a “hold” rating and issued a $2.00 target price (down previously from $48.00) on shares of IGM Biosciences in a report on Friday, January 10th. Finally, Royal Bank of Canada downgraded IGM Biosciences from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $20.00 to $1.50 in a report on Friday, January 10th. One analyst has rated the stock with a sell rating and nine have given a hold rating to the company. According to data from MarketBeat.com, IGM Biosciences currently has a consensus rating of “Hold” and an average target price of $5.50.

IGM Biosciences Trading Up 17.0 %

IGM Biosciences stock opened at $2.00 on Monday. IGM Biosciences has a 52-week low of $1.59 and a 52-week high of $22.50. The company’s 50 day moving average is $8.38 and its two-hundred day moving average is $10.88.

IGM Biosciences (NASDAQ:IGMS) last released its earnings results 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 during the quarter, compared to analysts’ expectations of $0.23 million. As a group, equities analysts forecast 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 made changes to their positions in IGMS. Rhumbline Advisers increased its stake in IGM Biosciences by 13.1% in 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 during the period. Bank of New York Mellon Corp increased its position in IGM Biosciences by 8.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock valued at $371,000 after acquiring an additional 4,427 shares during the period. Quest Partners LLC increased its position in IGM Biosciences by 71.4% in the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after acquiring an additional 4,961 shares during the period. The Manufacturers Life Insurance Company raised its stake in 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 last quarter. Finally, Barclays PLC lifted its position in IGM Biosciences by 48.4% during the 3rd quarter. Barclays PLC now owns 21,554 shares of the company’s stock worth $356,000 after acquiring an additional 7,027 shares during the period. 42.79% of the stock is 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.