IGM Biosciences, Inc. (NASDAQ:IGMS) Receives $5.50 Average PT from Analysts

IGM Biosciences, Inc. (NASDAQ:IGMS) has earned an average recommendation of “Reduce” from the ten analysts that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating and nine have given a hold rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $5.50.

Several equities analysts have recently issued reports on the company. Wedbush reaffirmed a “neutral” rating and set a $3.00 price target (down previously from $22.00) on shares of IGM Biosciences in a research note on Friday, January 10th. JPMorgan Chase & Co. upgraded shares of IGM Biosciences from an “underweight” rating to a “neutral” rating in a research report on Monday, January 13th. BMO Capital Markets reiterated a “market perform” rating and set a $2.00 price target (down previously from $21.00) on shares of IGM Biosciences in a research report on Friday, January 10th. Royal Bank of Canada lowered shares of IGM Biosciences from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $20.00 to $1.50 in a report on Friday, January 10th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $2.00 target price (down previously from $48.00) on shares of IGM Biosciences in a report on Friday, January 10th.

IGM Biosciences Trading Down 5.3 %

Shares of IGMS stock opened at $1.42 on Monday. The firm has a market capitalization of $84.44 million, a price-to-earnings ratio of -0.39 and a beta of 0.03. The firm’s 50 day moving average is $5.28 and its 200-day moving average is $10.04. IGM Biosciences has a 1 year low of $1.37 and a 1 year high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data 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). The firm had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. On average, equities research analysts forecast that IGM Biosciences will post -3.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IGM Biosciences

Several institutional investors and hedge funds have recently modified their holdings of IGMS. China Universal Asset Management Co. Ltd. acquired a new stake in shares of IGM Biosciences during the fourth quarter worth $44,000. AQR Capital Management LLC bought a new position in IGM Biosciences during the 2nd quarter worth about $84,000. MetLife Investment Management LLC acquired a new stake in shares of IGM Biosciences in the 3rd quarter valued at about $149,000. Point72 Asset Management L.P. bought a new stake in shares of IGM Biosciences in the second quarter valued at about $187,000. Finally, Barclays PLC boosted its position in shares of IGM Biosciences by 48.4% during the third 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 period. 42.79% of the stock is currently 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.