IGM Biosciences (NASDAQ:IGMS) Rating Lowered to “Underweight” at Morgan Stanley

Morgan Stanley downgraded shares of IGM Biosciences (NASDAQ:IGMS) from an equal weight rating to an underweight rating in a research note issued to investors on Friday, MarketBeat reports. Morgan Stanley currently has $2.00 target price on the stock, down from their previous target price of $12.00.

Several other brokerages have also recently issued reports on IGMS. JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $12.00 to $9.00 in a report on Tuesday, October 1st. BMO Capital Markets reaffirmed a “market perform” rating and set a $2.00 price objective (down from $21.00) on shares of IGM Biosciences in a report on Friday. Royal Bank of Canada lowered shares of IGM Biosciences from an “outperform” rating to a “sector perform” rating and cut their target price for the company from $20.00 to $1.50 in a report on Friday. Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and decreased their price target for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Finally, Guggenheim cut shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a research note on Friday. Two analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to data from MarketBeat.com, IGM Biosciences currently has a consensus rating of “Hold” and an average target price of $5.50.

IGM Biosciences Price Performance

IGMS stock opened at $2.09 on Friday. IGM Biosciences has a 1-year low of $1.87 and a 1-year high of $22.50. The business has a 50 day simple moving average of $8.94 and a two-hundred day simple moving average of $10.89. The company has a market capitalization of $124.28 million, a price-to-earnings ratio of -0.57 and a beta of 0.11.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results 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). The company had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. Sell-side analysts anticipate that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Hedge Funds Weigh In On IGM Biosciences

Several hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its stake in IGM Biosciences by 8.9% in the second quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock worth $371,000 after purchasing an additional 4,427 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of IGM Biosciences by 13.1% during the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after acquiring an additional 2,635 shares during the last quarter. TD Asset Management Inc boosted its holdings in IGM Biosciences by 3.4% during the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after acquiring an additional 5,350 shares during the period. Quest Partners LLC grew its position in 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 acquiring an additional 4,961 shares during the last quarter. Finally, Bruce & Co. Inc. increased its stake in IGM Biosciences by 53.8% in the second quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock worth $687,000 after purchasing an additional 35,000 shares during the period. 42.79% of the stock is currently owned by institutional investors.

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.