Truist Financial Cuts IGM Biosciences (NASDAQ:IGMS) Price Target to $2.00

IGM Biosciences (NASDAQ:IGMS) had its target price lowered by Truist Financial from $12.00 to $2.00 in a report issued on Friday,Benzinga reports. Truist Financial currently has a hold rating on the stock.

Several other research analysts have also issued reports on the stock. Wedbush restated a “neutral” rating and issued a $3.00 price target (down previously from $22.00) on shares of IGM Biosciences in a research report on Friday. Royal Bank of Canada cut IGM Biosciences from an “outperform” rating to a “sector perform” rating and decreased their target price for the stock from $20.00 to $1.50 in a report on Friday. Guggenheim lowered IGM Biosciences from a “buy” rating to a “neutral” rating in a research report on Friday. JPMorgan Chase & Co. lowered IGM Biosciences from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $12.00 to $9.00 in a research report on Tuesday, October 1st. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $2.00 price target (down previously from $21.00) on shares of IGM Biosciences in a research note on Friday. Two analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, IGM Biosciences has a consensus rating of “Hold” and a consensus target price of $5.50.

IGM Biosciences Stock Down 66.3 %

Shares of IGM Biosciences stock opened at $2.09 on Friday. The business has a fifty day simple moving average of $8.94 and a 200-day simple moving average of $10.95. IGM Biosciences has a fifty-two week low of $1.87 and a fifty-two week high of $22.50. The firm has a market cap 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 quarterly 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 business 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%. Analysts anticipate that IGM Biosciences will post -3.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IGM Biosciences

Institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its holdings in shares of IGM Biosciences by 8.9% during the second quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock worth $371,000 after acquiring an additional 4,427 shares in the last quarter. Rhumbline Advisers increased its position in IGM Biosciences by 13.1% in the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after purchasing an additional 2,635 shares during the last quarter. TD Asset Management Inc raised its stake in shares of IGM Biosciences by 3.4% during the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock worth $1,130,000 after purchasing an additional 5,350 shares in the last quarter. Quest Partners LLC lifted its holdings in shares of IGM Biosciences by 71.4% during the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after buying an additional 4,961 shares during the last quarter. Finally, Bruce & Co. Inc. grew 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 buying an additional 35,000 shares in the last quarter. Institutional investors and hedge funds 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.