IGM Biosciences, Inc. (NASDAQ:IGMS) Receives Consensus Recommendation of “Reduce” from Brokerages

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) have received an average recommendation of “Reduce” from the ten brokerages that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating and nine have issued a hold rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $5.50.

Several equities analysts have issued reports on the stock. Stifel Nicolaus downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and decreased their price objective for the company from $27.00 to $2.50 in a research note on Friday, January 10th. Jefferies Financial Group restated a “hold” rating and issued a $2.00 price objective (down previously from $48.00) on shares of IGM Biosciences in a research note on Friday, January 10th. Wedbush reiterated a “neutral” rating and set a $3.00 target price (down previously from $22.00) on shares of IGM Biosciences in a research note on Friday, January 10th. BMO Capital Markets reiterated a “market perform” rating and set a $2.00 target price (down previously from $21.00) on shares of IGM Biosciences in a research note on Friday, January 10th. Finally, Morgan Stanley downgraded 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 note on Friday, January 10th.

Institutional Investors Weigh In On IGM Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. 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. 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 acquired a new position in shares of IGM Biosciences during the 2nd quarter worth $84,000. Finally, 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. Hedge funds and other institutional investors own 42.79% of the company’s stock.

IGM Biosciences Stock Up 0.7 %

Shares of NASDAQ IGMS opened at $1.51 on Monday. The firm has a market cap of $89.78 million, a price-to-earnings ratio of -0.41 and a beta of 0.11. IGM Biosciences has a 52-week low of $1.45 and a 52-week high of $22.50. The business’s 50 day moving average is $5.95 and its two-hundred day moving average is $10.30.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data 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 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. Analysts anticipate that IGM Biosciences will post -3.35 EPS for the current fiscal year.

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.