IGM Biosciences, Inc. (NASDAQ:IGMS) Receives Consensus Rating of “Reduce” from Brokerages

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) have been given an average recommendation of “Reduce” by the ten research firms that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation and nine have issued a hold recommendation on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $5.50.

A number of brokerages have recently commented on IGMS. Jefferies Financial Group reiterated 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. Morgan Stanley cut shares of IGM Biosciences from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $12.00 to $2.00 in a research report on Friday, January 10th. Guggenheim lowered shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a report on Friday, January 10th. JPMorgan Chase & Co. upgraded shares of IGM Biosciences from an “underweight” rating to a “neutral” rating in a report on Monday, January 13th. Finally, Wedbush reissued a “neutral” rating and issued a $3.00 price objective (down previously from $22.00) on shares of IGM Biosciences in a research note on Friday, January 10th.

Institutional Investors Weigh In On IGM Biosciences

Hedge funds have recently modified their holdings of the business. Barclays PLC boosted its holdings in shares of IGM Biosciences by 48.4% in the 3rd quarter. Barclays PLC now owns 21,554 shares of the company’s stock valued at $356,000 after buying an additional 7,027 shares in the last quarter. Geode Capital Management LLC lifted its position in IGM Biosciences by 7.6% during the third quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock valued at $6,548,000 after acquiring an additional 28,118 shares during the last quarter. State Street Corp boosted its stake in IGM Biosciences by 2.7% in 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 in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in IGM Biosciences by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 157,843 shares of the company’s stock worth $964,000 after purchasing an additional 9,441 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of IGM Biosciences by 8.2% during the third quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company’s stock worth $1,234,000 after purchasing an additional 5,683 shares in the last quarter. Hedge funds and other institutional investors own 42.79% of the company’s stock.

IGM Biosciences Stock Performance

Shares of IGMS opened at $1.15 on Tuesday. IGM Biosciences has a fifty-two week low of $1.12 and a fifty-two week high of $22.50. The company’s fifty day moving average is $1.39 and its 200 day moving average is $7.74. The stock has a market capitalization of $68.74 million, a PE ratio of -0.32 and a beta of 0.37.

IGM Biosciences (NASDAQ:IGMS) last announced its earnings results on Thursday, March 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.74) by $0.13. The firm had revenue of $0.41 million for the quarter, compared to analysts’ expectations of $0.39 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. As a group, research analysts forecast that IGM Biosciences will post -3.35 earnings per share for the current year.

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.