IGM Biosciences (NASDAQ:IGMS) Given “Hold” Rating at Jefferies Financial Group

IGM Biosciences (NASDAQ:IGMS)‘s stock had its “hold” rating reiterated by equities researchers at Jefferies Financial Group in a research note issued on Friday,Benzinga reports. They currently have a $2.00 price target on the stock, down from their prior price target of $48.00. Jefferies Financial Group’s price objective points to a potential downside of 4.31% from the stock’s previous close.

IGMS has been the topic of several other research reports. Truist Financial dropped their price target on shares of IGM Biosciences from $12.00 to $2.00 and set a “hold” rating on the stock in a research report on Friday. BMO Capital Markets reaffirmed a “market perform” rating and issued a $2.00 price target (down previously from $21.00) on shares of IGM Biosciences in a research report on Friday. Wedbush reaffirmed a “neutral” rating and issued a $3.00 price target (down previously from $22.00) on shares of IGM Biosciences in a research report on Friday. Guggenheim cut shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a research report on Friday. Finally, JPMorgan Chase & Co. cut shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $12.00 to $9.00 in a research report on Tuesday, October 1st. Two investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. Based on data from MarketBeat, IGM Biosciences has a consensus rating of “Hold” and a consensus target price of $5.50.

IGM Biosciences Price Performance

IGMS stock opened at $2.09 on Friday. The stock has a market capitalization of $124.28 million, a PE ratio of -0.57 and a beta of 0.11. The company’s 50-day moving average is $8.94 and its 200-day moving average is $10.92. IGM Biosciences has a 1 year low of $1.87 and a 1 year high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings data 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). The company had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. On average, analysts anticipate that IGM Biosciences will post -3.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IGM Biosciences

Large investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its stake in shares of IGM Biosciences by 7.6% during the 3rd 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 increased its stake in shares of IGM Biosciences by 2.7% during the 3rd quarter. State Street Corp now owns 469,790 shares of the company’s stock worth $7,770,000 after purchasing an additional 12,174 shares during the last quarter. AQR Capital Management LLC purchased a new stake in shares of IGM Biosciences during the 2nd quarter worth approximately $84,000. Marshall Wace LLP increased its stake in shares of IGM Biosciences by 51.6% during the 2nd quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock worth $737,000 after purchasing an additional 36,491 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of IGM Biosciences by 48.4% during the 3rd quarter. Barclays PLC now owns 21,554 shares of the company’s stock worth $356,000 after purchasing an additional 7,027 shares during 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.