IGM Biosciences (NASDAQ:IGMS) Lowered to “Hold” Rating by Stifel Nicolaus

Stifel Nicolaus lowered shares of IGM Biosciences (NASDAQ:IGMS) from a buy rating to a hold rating in a report issued on Friday morning, MarketBeat reports. The brokerage currently has $2.50 target price on the stock, down from their previous target price of $27.00.

IGMS has been the subject of several other reports. Royal Bank of Canada cut IGM Biosciences from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $20.00 to $1.50 in a research report on Friday. Wedbush lowered their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a report on Tuesday, October 1st. JPMorgan Chase & Co. cut shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $12.00 to $9.00 in a research note on Tuesday, October 1st. Guggenheim cut shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a research note on Friday. Finally, Truist Financial lowered shares of IGM Biosciences from a “buy” rating to a “hold” rating and reduced their price target for the company from $24.00 to $12.00 in a research report on Tuesday, October 1st. Two research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $5.50.

IGM Biosciences Stock Performance

Shares of IGM Biosciences stock opened at $2.09 on Friday. The stock has a market capitalization of $124.28 million, a P/E ratio of -0.57 and a beta of 0.11. IGM Biosciences has a 52-week low of $1.87 and a 52-week high of $22.50. The stock’s 50-day simple moving average is $8.94 and its 200 day simple moving average is $10.89.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings results on Friday, November 8th. The company reported ($1.01) 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 business had revenue of $0.52 million for the quarter, compared to analysts’ expectations of $0.23 million. Equities research analysts forecast that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Institutional Investors Weigh In On IGM Biosciences

A number of large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in shares of IGM Biosciences by 8.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock valued at $371,000 after purchasing an additional 4,427 shares during the last quarter. Rhumbline Advisers grew its position in IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after acquiring an additional 2,635 shares during the last quarter. TD Asset Management Inc raised its stake in shares of IGM Biosciences by 3.4% during the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock worth $1,130,000 after acquiring an additional 5,350 shares in the last quarter. Quest Partners LLC lifted 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 acquiring an additional 4,961 shares during the last quarter. Finally, Bruce & Co. Inc. boosted its stake in shares of IGM Biosciences by 53.8% in the 2nd quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock valued at $687,000 after purchasing an additional 35,000 shares in the last quarter. 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.