IGM Biosciences (NASDAQ:IGMS) Given Neutral Rating at Wedbush

IGM Biosciences (NASDAQ:IGMS)‘s stock had its “neutral” rating reiterated by Wedbush in a research report issued to clients and investors on Friday, MarketBeat.com reports. They presently have a $3.00 price target on the stock, down from their previous price target of $22.00. Wedbush’s target price suggests a potential upside of 43.54% from the company’s current price.

A number of other brokerages have also weighed in on IGMS. Guggenheim lowered shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a research report on Friday. Stifel Nicolaus downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and dropped their price objective for the company from $27.00 to $2.50 in a report on Friday. Morgan Stanley lowered IGM Biosciences from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $12.00 to $2.00 in a research report on Friday. BMO Capital Markets reiterated a “market perform” rating and issued a $2.00 target price (down from $21.00) on shares of IGM Biosciences in a research report on Friday. Finally, Royal Bank of Canada cut IGM Biosciences from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $20.00 to $1.50 in a report on Friday. Two analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat, IGM Biosciences presently has a consensus rating of “Hold” and an average price target of $5.50.

IGM Biosciences Stock Down 66.3 %

Shares of IGM Biosciences stock opened at $2.09 on Friday. The company has a market capitalization of $124.28 million, a price-to-earnings ratio of -0.57 and a beta of 0.11. The stock’s 50-day simple moving average is $8.94 and its 200-day simple moving average is $10.92. IGM Biosciences has a 52 week low of $1.87 and a 52 week high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results on Friday, November 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by ($0.19). IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. The business had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.23 million. On average, equities analysts expect that IGM Biosciences will post -3.33 earnings per share for the current year.

Institutional Investors Weigh In On IGM Biosciences

Several large investors have recently added to or reduced their stakes in the stock. Barclays PLC boosted its holdings in shares of IGM Biosciences by 48.4% in 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 period. Geode Capital Management LLC lifted 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 worth $6,548,000 after buying an additional 28,118 shares during the last quarter. Wellington Management Group LLP boosted its stake in IGM Biosciences by 42.6% during the third quarter. Wellington Management Group LLP now owns 98,339 shares of the company’s stock worth $1,627,000 after buying an additional 29,374 shares during the period. State Street Corp increased its position in IGM Biosciences by 2.7% during the third quarter. State Street Corp now owns 469,790 shares of the company’s stock valued at $7,770,000 after acquiring an additional 12,174 shares during the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in shares of IGM Biosciences in the third quarter valued at $149,000. 42.79% of the stock is owned by institutional investors.

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.