IGM Biosciences (NASDAQ:IGMS) Downgraded by JPMorgan Chase & Co. to Underweight

JPMorgan Chase & Co. cut shares of IGM Biosciences (NASDAQ:IGMS) from a neutral rating to an underweight rating in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. The firm currently has $9.00 target price on the stock, down from their prior target price of $12.00.

Other equities research analysts have also issued research reports about the company. Truist Financial lowered IGM Biosciences from a buy rating to a hold rating and cut their target price for the stock from $24.00 to $12.00 in a research report on Tuesday. Wedbush restated an outperform rating and set a $25.00 price objective (up previously from $20.00) on shares of IGM Biosciences in a research report on Wednesday, August 14th. HC Wainwright dropped their target price on shares of IGM Biosciences from $12.00 to $11.00 and set a neutral rating on the stock in a research report on Thursday, September 5th. Finally, Royal Bank of Canada reiterated an outperform rating and set a $20.00 price target on shares of IGM Biosciences in a research note on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $14.67.

IGM Biosciences Stock Down 12.3 %

NASDAQ IGMS opened at $14.50 on Tuesday. IGM Biosciences has a 52 week low of $3.81 and a 52 week high of $22.50. The firm has a 50 day moving average of $11.65 and a two-hundred day moving average of $9.75. The stock has a market capitalization of $855.85 million, a PE ratio of -3.36 and a beta of 0.19.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.97). IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. The firm had revenue of $1.25 million for the quarter, compared to analyst estimates of $51.75 million. On average, equities research analysts expect that IGM Biosciences will post -3.13 earnings per share for the current fiscal year.

Insider Activity at IGM Biosciences

In other IGM Biosciences news, Director Julie Hambleton sold 15,132 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total transaction of $211,848.00. Following the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $28,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $11.54, for a total value of $45,536.84. Following the transaction, the chief executive officer now directly owns 250,124 shares in the company, valued at approximately $2,886,430.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Julie Hambleton sold 15,132 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total value of $211,848.00. Following the completion of the transaction, the director now directly owns 2,000 shares in the company, valued at approximately $28,000. The disclosure for this sale can be found here. Insiders sold a total of 21,034 shares of company stock worth $279,957 in the last 90 days. 57.00% of the stock is owned by insiders.

Hedge Funds Weigh In On IGM Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Quest Partners LLC raised its position in IGM Biosciences by 71.4% during the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after buying an additional 4,961 shares during the last quarter. AQR Capital Management LLC purchased a new stake in shares of IGM Biosciences in the second quarter valued at about $84,000. EntryPoint Capital LLC acquired a new position in shares of IGM Biosciences during the first quarter worth about $152,000. XTX Topco Ltd raised its holdings in 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. Finally, Rhumbline Advisers lifted its position 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. 42.79% of the stock is currently 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.