Truist Financial Lowers IGM Biosciences (NASDAQ:IGMS) Price Target to $2.00

IGM Biosciences (NASDAQ:IGMS) had its price target dropped by research analysts at Truist Financial from $12.00 to $2.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s target price suggests a potential upside of 3.09% from the stock’s current price.

Other analysts also recently issued research reports about the company. Royal Bank of Canada downgraded IGM Biosciences from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from $20.00 to $1.50 in a research note on Friday. Morgan Stanley downgraded shares of IGM Biosciences from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $12.00 to $2.00 in a report on Friday. Guggenheim cut shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a research note on Friday. Wedbush reaffirmed a “neutral” rating and issued a $3.00 price objective (down from $22.00) on shares of IGM Biosciences in a report on Friday. Finally, Stifel Nicolaus cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and reduced their target price for the stock from $27.00 to $2.50 in a report on Friday. Two analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $5.89.

IGM Biosciences Stock Down 68.7 %

Shares of IGMS traded down $4.26 during mid-day trading on Friday, hitting $1.94. 3,188,947 shares of the company traded hands, compared to its average volume of 701,431. The company has a market capitalization of $115.36 million, a PE ratio of -0.53 and a beta of 0.11. The business has a 50 day moving average of $9.22 and a 200 day moving average of $10.93. IGM Biosciences has a 1-year low of $1.87 and a 1-year high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly 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 for the quarter, compared to analyst estimates of $0.23 million. As a group, research analysts expect that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Institutional Investors Weigh In On IGM Biosciences

A number of institutional investors have recently modified their holdings of the business. Quest Partners LLC increased its holdings 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 acquiring an additional 4,961 shares in the last quarter. AQR Capital Management LLC acquired a new stake in shares of IGM Biosciences in the second quarter valued at about $84,000. XTX Topco Ltd increased 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 purchasing an additional 8,467 shares in the last quarter. MetLife Investment Management LLC acquired a new position in shares of IGM Biosciences during the 3rd quarter worth about $149,000. Finally, Rhumbline Advisers lifted its stake in 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 buying an additional 2,635 shares in the last quarter. 42.79% of the stock is currently owned by institutional investors and hedge funds.

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.