Guggenheim Downgrades IGM Biosciences (NASDAQ:IGMS) to Neutral

IGM Biosciences (NASDAQ:IGMS) was downgraded by investment analysts at Guggenheim from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Friday, MarketBeat.com reports.

IGMS has been the topic of a number of other reports. Stifel Nicolaus upped their target price on IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. BMO Capital Markets restated a “market perform” rating and issued a $2.00 price objective (down from $21.00) on shares of IGM Biosciences in a research report on Friday. Royal Bank of Canada raised their price objective on shares of IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Truist Financial downgraded IGM Biosciences from a “buy” rating to a “hold” rating and dropped their target price for the stock from $24.00 to $12.00 in a research report on Tuesday, October 1st. Finally, Wedbush reduced their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 1st. Two research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $5.50.

IGM Biosciences Stock Down 66.3 %

IGMS stock opened at $2.09 on Friday. The stock has a 50-day simple moving average of $8.94 and a two-hundred day simple moving average of $10.92. IGM Biosciences has a twelve month low of $1.87 and a twelve month high of $22.50. The firm has a market capitalization of $124.28 million, a PE ratio of -0.57 and a beta of 0.11.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings results on Friday, November 8th. The company reported ($1.01) EPS for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The firm had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.23 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. On average, equities research analysts anticipate that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Institutional Investors Weigh In On IGM Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in shares of IGM Biosciences by 7.6% in the third quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock worth $6,548,000 after purchasing an additional 28,118 shares during the last quarter. State Street Corp grew its position in shares of IGM Biosciences by 2.7% in the 3rd quarter. State Street Corp now owns 469,790 shares of the company’s stock worth $7,770,000 after buying an additional 12,174 shares during the last quarter. AQR Capital Management LLC purchased a new position in shares of IGM Biosciences during the second quarter valued at approximately $84,000. Marshall Wace LLP raised its holdings in shares of IGM Biosciences by 51.6% during the second quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock valued at $737,000 after acquiring an additional 36,491 shares in the last quarter. Finally, Barclays PLC lifted its stake in IGM Biosciences by 48.4% in the third 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 currently owned by 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.