IGM Biosciences, Inc. (NASDAQ:IGMS) Receives $5.50 Consensus Target Price from Analysts

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

IGMS has been the topic of several research analyst reports. JPMorgan Chase & Co. upgraded IGM Biosciences from an “underweight” rating to a “neutral” rating in a report on Monday, January 13th. Jefferies Financial Group reissued a “hold” rating and set a $2.00 price objective (down previously from $48.00) on shares of IGM Biosciences in a report on Friday, January 10th. BMO Capital Markets restated a “market perform” rating and issued a $2.00 price objective (down previously from $21.00) on shares of IGM Biosciences in a research report on Friday, January 10th. Stifel Nicolaus lowered shares of IGM Biosciences from a “buy” rating to a “hold” rating and reduced their target price for the stock from $27.00 to $2.50 in a research report on Friday, January 10th. Finally, Guggenheim lowered shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a report on Friday, January 10th.

Institutional Investors Weigh In On IGM Biosciences

Institutional investors have recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. bought a new position in IGM Biosciences during the fourth quarter worth about $44,000. MetLife Investment Management LLC acquired a new stake in shares of IGM Biosciences in the 3rd quarter valued at approximately $149,000. Barclays PLC boosted its stake in 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 acquiring an additional 7,027 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in IGM Biosciences during the fourth quarter valued at approximately $184,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in IGM Biosciences during the fourth quarter valued at approximately $222,000. 42.79% of the stock is owned by institutional investors and hedge funds.

IGM Biosciences Price Performance

NASDAQ IGMS opened at $1.33 on Friday. The stock’s 50 day simple moving average is $2.69 and its 200 day simple moving average is $8.96. IGM Biosciences has a one year low of $1.19 and a one year high of $22.50. The firm has a market cap of $79.09 million, a PE ratio of -0.37 and a beta of 0.03.

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.