IGM Biosciences’ (IGMS) Hold Rating Reiterated at Jefferies Financial Group

Jefferies Financial Group reaffirmed their hold rating on shares of IGM Biosciences (NASDAQ:IGMS) in a report issued on Friday morning,Benzinga reports. The firm currently has a $2.00 price objective on the stock, down from their previous price objective of $48.00.

Several other equities analysts also recently commented on the company. Truist Financial lowered their price objective on IGM Biosciences from $12.00 to $2.00 and set a “hold” rating on the stock in a research report on Friday. Stifel Nicolaus cut IGM Biosciences from a “buy” rating to a “hold” rating and lowered their price target for the stock from $27.00 to $2.50 in a report on Friday. Morgan Stanley lowered shares of 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 report on Friday. Royal Bank of Canada downgraded shares of IGM Biosciences from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $20.00 to $1.50 in a report on Friday. Finally, JPMorgan Chase & Co. lowered shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $12.00 to $9.00 in a research report 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 stock. According to MarketBeat, IGM Biosciences currently has a consensus rating of “Hold” and an average price target of $5.50.

IGM Biosciences Trading Down 66.3 %

Shares of NASDAQ:IGMS opened at $2.09 on Friday. The stock has a 50 day moving average of $8.94 and a 200 day moving average of $10.95. The company has a market cap of $124.28 million, a PE ratio of -0.57 and a beta of 0.11. IGM Biosciences has a 12-month low of $1.87 and a 12-month high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last posted 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 firm had revenue of $0.52 million during 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%. Equities research analysts predict that IGM Biosciences will post -3.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers lifted its stake in shares of IGM Biosciences by 13.1% in the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after purchasing an additional 2,635 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in IGM Biosciences by 8.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock valued at $371,000 after buying an additional 4,427 shares during the period. Quest Partners LLC lifted its position in IGM Biosciences by 71.4% in the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after buying an additional 4,961 shares during the last quarter. TD Asset Management Inc boosted its stake in IGM Biosciences by 3.4% during the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock worth $1,130,000 after buying an additional 5,350 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in IGM Biosciences by 8.2% during the third quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company’s stock valued at $1,234,000 after acquiring an additional 5,683 shares during the last quarter. Hedge funds and other 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.