IGM Biosciences (NASDAQ:IGMS) Rating Lowered to Hold at Stifel Nicolaus

Stifel Nicolaus cut shares of IGM Biosciences (NASDAQ:IGMS) from a buy rating to a hold rating in a research note issued to investors on Friday morning, MarketBeat reports. Stifel Nicolaus currently has $2.50 target price on the stock, down from their prior target price of $27.00.

Several other brokerages also recently commented on IGMS. JPMorgan Chase & Co. downgraded IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their target price for the company from $12.00 to $9.00 in a research note on Tuesday, October 1st. 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 research report on Friday. Guggenheim cut IGM Biosciences from a “buy” rating to a “neutral” rating in a research report on Friday. Wedbush decreased their price objective on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 1st. Finally, Truist Financial downgraded IGM Biosciences from a “buy” rating to a “hold” rating and decreased their target price for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Two equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $5.50.

IGM Biosciences Stock Down 66.3 %

NASDAQ 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 PE ratio of -0.57 and a beta of 0.11. The stock’s 50 day moving average is $8.94 and its 200 day moving average is $10.95.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IGMS. Renaissance Technologies LLC raised its holdings in IGM Biosciences by 126.0% during the 2nd quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after buying an additional 60,593 shares during the period. Marshall Wace LLP raised its holdings in shares of IGM Biosciences by 51.6% in the second quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock valued at $737,000 after acquiring an additional 36,491 shares in the last quarter. Bruce & Co. Inc. raised its holdings 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. Wellington Management Group LLP lifted its holdings 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. Finally, Geode Capital Management LLC lifted its stake 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 worth $6,548,000 after purchasing an additional 28,118 shares during 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.