IGM Biosciences (NASDAQ:IGMS) Given New $2.00 Price Target at Truist Financial

IGM Biosciences (NASDAQ:IGMS) had its target price reduced by research analysts at Truist Financial from $12.00 to $2.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s target price would suggest a potential downside of 4.31% from the stock’s previous close.

IGMS has been the subject of several other reports. Wedbush reissued a “neutral” rating and set a $3.00 price target (down from $22.00) on shares of IGM Biosciences in a report on Friday. Stifel Nicolaus cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their target price for the company from $27.00 to $2.50 in a research note on Friday. Royal Bank of Canada cut 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 report on Friday. Morgan Stanley lowered IGM Biosciences from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $12.00 to $2.00 in a research note on Friday. Finally, BMO Capital Markets restated a “market perform” rating and issued a $2.00 target price (down from $21.00) on shares of IGM Biosciences in a research note on Friday. Two equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $5.50.

IGM Biosciences Trading Down 66.3 %

NASDAQ IGMS opened at $2.09 on Friday. IGM Biosciences has a 1-year low of $1.87 and a 1-year high of $22.50. The company has a market capitalization of $124.28 million, a price-to-earnings ratio of -0.57 and a beta of 0.11. The stock’s 50 day moving average is $8.94 and its two-hundred day moving average is $10.92.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings results on Friday, November 8th. The company reported ($1.01) earnings per share 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 during the quarter, compared to the consensus estimate of $0.23 million. On average, analysts predict that IGM Biosciences will post -3.33 earnings per share for the current year.

Hedge Funds Weigh In On IGM Biosciences

Hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers raised its holdings in IGM Biosciences by 13.1% during the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after purchasing an additional 2,635 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of IGM Biosciences by 8.9% during the second quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock worth $371,000 after buying an additional 4,427 shares during the last quarter. Quest Partners LLC lifted its holdings in IGM Biosciences by 71.4% in the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after buying an additional 4,961 shares during the period. TD Asset Management Inc boosted its stake in IGM Biosciences by 3.4% in the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after acquiring an additional 5,350 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in IGM Biosciences by 8.2% in the third quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company’s stock valued at $1,234,000 after acquiring an additional 5,683 shares during the last quarter. Institutional investors own 42.79% of the company’s stock.

About IGM Biosciences

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.