Morgan Stanley Downgrades IGM Biosciences (NASDAQ:IGMS) to Underweight

IGM Biosciences (NASDAQ:IGMS) was downgraded by Morgan Stanley from an “equal weight” rating to an “underweight” rating in a report released on Friday, MarketBeat Ratings reports. They presently have a $2.00 price target on the stock, down from their previous price target of $12.00. Morgan Stanley’s target price points to a potential downside of 4.31% from the stock’s current price.

IGMS has been the subject of several other research reports. Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their target price for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Wedbush cut their price objective on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 1st. BMO Capital Markets reaffirmed a “market perform” rating and issued a $2.00 target price (down previously from $21.00) on shares of IGM Biosciences in a research report on Friday. Royal Bank of Canada downgraded IGM Biosciences from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from $20.00 to $1.50 in a report on Friday. Finally, Guggenheim cut IGM Biosciences from a “buy” rating to a “neutral” rating in a report on Friday. Two investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Based on data from MarketBeat.com, IGM Biosciences presently has an average rating of “Hold” and an average price target of $5.50.

IGM Biosciences Trading Down 66.3 %

Shares of IGMS opened at $2.09 on Friday. IGM Biosciences has a twelve month low of $1.87 and a twelve month high of $22.50. The firm has a market capitalization of $124.28 million, a P/E ratio of -0.57 and a beta of 0.11. The stock’s fifty day simple moving average is $8.94 and its 200 day simple moving average is $10.92.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings data on Friday, November 8th. The company reported ($1.01) earnings per share 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 firm had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.23 million. Sell-side analysts predict that IGM Biosciences will post -3.33 earnings per share for the current year.

Institutional Investors Weigh In On IGM Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC grew its position 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 valued at $6,548,000 after buying an additional 28,118 shares during the last quarter. State Street Corp grew its holdings in shares of 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 purchasing an additional 12,174 shares during the last quarter. AQR Capital Management LLC acquired a new stake in shares of IGM Biosciences during the 2nd quarter worth approximately $84,000. Marshall Wace LLP boosted its position in IGM Biosciences by 51.6% during the 2nd quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock valued at $737,000 after purchasing an additional 36,491 shares during the period. Finally, Barclays PLC grew 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 buying an additional 7,027 shares during the last quarter. 42.79% of the stock is owned by institutional investors and hedge funds.

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.