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

Jefferies Financial Group reaffirmed their hold rating on shares of IGM Biosciences (NASDAQ:IGMS) in a research report report published on Friday morning,Benzinga reports. They currently have a $2.00 target price on the stock, down from their previous target price of $48.00.

A number of other analysts also recently weighed in on the stock. Truist Financial reduced their price target on shares of IGM Biosciences from $12.00 to $2.00 and set a “hold” rating for the company in a report on Friday. BMO Capital Markets reiterated a “market perform” rating and issued a $2.00 target price (down previously from $21.00) on shares of IGM Biosciences in a research note on Friday. Guggenheim lowered IGM Biosciences from a “buy” rating to a “neutral” rating in a research note on Friday. Morgan Stanley downgraded 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 report on Friday. Finally, Wedbush reissued a “neutral” rating and set a $3.00 price objective (down previously from $22.00) on shares of IGM Biosciences in a report on Friday. 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.com, IGM Biosciences has an average rating of “Hold” and a consensus price target of $5.50.

IGM Biosciences Stock Performance

IGM Biosciences stock 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 firm has a market capitalization of $124.28 million, a PE ratio of -0.57 and a beta of 0.11. The business’s 50-day simple moving average is $8.94 and its 200-day simple moving average is $10.89.

IGM Biosciences (NASDAQ:IGMS) last issued 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 business had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.23 million. Research analysts forecast that IGM Biosciences will post -3.33 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. State Street Corp boosted its stake 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 valued at $7,770,000 after purchasing an additional 12,174 shares in the last quarter. Geode Capital Management LLC boosted its position in IGM Biosciences by 7.6% in the third quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock valued at $6,548,000 after buying an additional 28,118 shares in the last quarter. TD Asset Management Inc grew its stake in IGM Biosciences by 3.4% during the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock worth $1,130,000 after buying an additional 5,350 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of IGM Biosciences by 12.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 148,402 shares of the company’s stock worth $2,455,000 after buying an additional 16,072 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of IGM Biosciences by 126.0% in the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after acquiring an additional 60,593 shares during the last quarter. 42.79% of the stock is currently owned by institutional investors and hedge funds.

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.