Stifel Nicolaus Downgrades IGM Biosciences (NASDAQ:IGMS) to Hold

IGM Biosciences (NASDAQ:IGMS) was downgraded by research analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a report issued on Friday,Briefing.com Automated Import reports. They currently have a $2.50 price objective on the stock, down from their prior price objective of $27.00. Stifel Nicolaus’ price objective suggests a potential downside of 59.68% from the company’s previous close.

IGMS has been the subject of a number of other research reports. BMO Capital Markets reissued a “market perform” rating and set a $2.00 target price (down previously 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 cut their price objective for the company from $12.00 to $9.00 in a report on Tuesday, October 1st. Wedbush lowered their target price on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a report on Tuesday, October 1st. Guggenheim cut IGM Biosciences from a “buy” rating to a “neutral” rating in a research note on Friday. Finally, Truist Financial downgraded IGM Biosciences from a “buy” rating to a “hold” rating and reduced their price target for the stock from $24.00 to $12.00 in a research report on Tuesday, October 1st. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $9.11.

IGM Biosciences Price Performance

IGMS stock opened at $6.20 on Friday. IGM Biosciences has a one year low of $5.79 and a one year high of $22.50. The stock has a market cap of $368.68 million, a price-to-earnings ratio of -1.70 and a beta of 0.11. The company has a fifty day moving average price of $9.22 and a two-hundred day moving average price of $10.93.

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

Hedge Funds Weigh In On IGM Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its position in shares of IGM Biosciences by 8.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock worth $371,000 after buying an additional 4,427 shares during the last quarter. Rhumbline Advisers raised its stake in IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after acquiring an additional 2,635 shares in the last quarter. TD Asset Management Inc lifted its holdings in shares of IGM Biosciences by 3.4% in the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock worth $1,130,000 after acquiring an additional 5,350 shares during the last quarter. Quest Partners LLC boosted 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 in the last quarter. Finally, Bruce & Co. Inc. boosted its stake in shares of IGM Biosciences by 53.8% in the 2nd quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock valued at $687,000 after purchasing an additional 35,000 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.