IGM Biosciences (NASDAQ:IGMS) Receives “Neutral” Rating from Wedbush

Wedbush restated their neutral rating on shares of IGM Biosciences (NASDAQ:IGMS) in a report issued on Friday morning, MarketBeat reports. Wedbush currently has a $3.00 target price on the stock, down from their previous target price of $22.00.

IGMS has been the topic of several other reports. Morgan Stanley lowered shares of IGM Biosciences from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $12.00 to $2.00 in a research report on Friday. BMO Capital Markets reaffirmed a “market perform” rating and issued a $2.00 target price (down from $21.00) on shares of IGM Biosciences in a report on Friday. JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $12.00 to $9.00 in a research report on Tuesday, October 1st. Guggenheim cut IGM Biosciences from a “buy” rating to a “neutral” rating in a report on Friday. Finally, Royal Bank of Canada cut IGM Biosciences from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $20.00 to $1.50 in a report on Friday. Two research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $5.50.

IGM Biosciences Stock Down 66.3 %

IGMS opened at $2.09 on Friday. IGM Biosciences has a 52 week low of $1.87 and a 52 week high of $22.50. The business has a 50 day moving average price of $8.94 and a two-hundred day moving average price of $10.95. The company has a market cap of $124.28 million, a PE ratio of -0.57 and a beta of 0.11.

IGM Biosciences (NASDAQ:IGMS) last released 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). IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The company had revenue of $0.52 million for the quarter, compared to analysts’ expectations of $0.23 million. As a group, sell-side analysts expect that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Institutional Trading of IGM Biosciences

A number of hedge funds have recently added to or reduced their stakes in IGMS. MetLife Investment Management LLC acquired a new position in shares of IGM Biosciences during the 3rd quarter valued at about $149,000. Quest Partners LLC grew 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 purchasing an additional 4,961 shares during the period. AQR Capital Management LLC acquired a new position in IGM Biosciences during the second quarter worth approximately $84,000. XTX Topco Ltd raised its stake 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 during the period. Finally, Barclays PLC boosted its holdings in shares of IGM Biosciences by 48.4% in the 3rd quarter. Barclays PLC now owns 21,554 shares of the company’s stock valued at $356,000 after purchasing an additional 7,027 shares during the last quarter. 42.79% of the stock is owned by institutional investors and hedge funds.

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.