IGM Biosciences (NASDAQ:IGMS) Stock Rating Lowered by Royal Bank of Canada

Royal Bank of Canada lowered shares of IGM Biosciences (NASDAQ:IGMS) from an outperform rating to a sector perform rating in a report released on Friday, MarketBeat.com reports. The brokerage currently has $1.50 price target on the stock, down from their prior price target of $20.00.

Several other equities analysts have also commented on the stock. JPMorgan Chase & Co. lowered shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $12.00 to $9.00 in a research report on Tuesday, October 1st. BMO Capital Markets reiterated a “market perform” rating and set a $2.00 price target (down from $21.00) on shares of IGM Biosciences in a research report on Friday. Truist Financial downgraded shares of 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 report on Tuesday, October 1st. Guggenheim downgraded IGM Biosciences from a “buy” rating to a “neutral” rating in a report on Friday. Finally, Stifel Nicolaus upped their price target on shares of IGM Biosciences from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Two research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to data from MarketBeat, IGM Biosciences currently has an average rating of “Hold” and a consensus target price of $5.50.

IGM Biosciences Trading Down 66.3 %

IGMS stock opened at $2.09 on Friday. The company 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 twelve month low of $1.87 and a twelve month high of $22.50. The firm has a 50 day simple moving average of $8.94 and a 200-day simple moving average of $10.95.

IGM Biosciences (NASDAQ:IGMS) last issued its 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). IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The firm had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.23 million. On average, research analysts predict that IGM Biosciences will post -3.33 EPS for the current year.

Institutional Investors Weigh In On IGM Biosciences

Several large investors have recently made changes to their positions in IGMS. Quest Partners LLC lifted its stake 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 valued at $82,000 after purchasing an additional 4,961 shares during the last quarter. AQR Capital Management LLC bought a new position in IGM Biosciences during the second quarter worth $84,000. XTX Topco Ltd raised its position in shares of IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after buying an additional 8,467 shares during the last quarter. MetLife Investment Management LLC acquired a new position in IGM Biosciences in the 3rd quarter valued at approximately $149,000. Finally, Rhumbline Advisers raised its stake in shares of 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 in the last quarter. 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.