Jefferies Financial Group Reiterates “Hold” Rating for IGM Biosciences (NASDAQ:IGMS)

IGM Biosciences (NASDAQ:IGMS)‘s stock had its “hold” rating reiterated by Jefferies Financial Group in a report released on Friday,Benzinga reports. They currently have a $2.00 target price on the stock, down from their previous target price of $48.00. Jefferies Financial Group’s price target would suggest a potential downside of 4.76% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Stifel Nicolaus downgraded IGM Biosciences from a “buy” rating to a “hold” rating and lowered their target price for the company from $27.00 to $2.50 in a research note on Friday. JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $12.00 to $9.00 in a research report on Tuesday, October 1st. Guggenheim downgraded shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a report on Friday. Morgan Stanley cut shares of IGM Biosciences from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $12.00 to $2.00 in a report on Friday. Finally, Royal Bank of Canada lowered IGM Biosciences from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $20.00 to $1.50 in a report on Friday. Two equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $5.50.

IGM Biosciences Stock Performance

IGMS stock traded down $4.10 during mid-day trading on Friday, reaching $2.10. The company had a trading volume of 3,985,927 shares, compared to its average volume of 776,481. IGM Biosciences has a fifty-two week low of $1.87 and a fifty-two week high of $22.50. The firm has a fifty day simple moving average of $9.22 and a 200 day simple moving average of $10.93. The company has a market capitalization of $124.87 million, a price-to-earnings ratio of -0.58 and a beta of 0.11.

IGM Biosciences (NASDAQ:IGMS) last released 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 company 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%. As a group, analysts predict that IGM Biosciences will post -3.33 earnings per share for the current year.

Institutional Trading of IGM Biosciences

Several hedge funds have recently made changes to their positions in the stock. Quest Partners LLC boosted its stake in 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 purchasing an additional 4,961 shares during the period. AQR Capital Management LLC bought a new position in shares of IGM Biosciences in the second quarter worth $84,000. XTX Topco Ltd grew its stake in shares of IGM Biosciences by 70.9% in the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after purchasing an additional 8,467 shares in the last quarter. MetLife Investment Management LLC acquired a new position in shares of IGM Biosciences during the third quarter valued at $149,000. Finally, Rhumbline Advisers raised its stake in shares of IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after purchasing an additional 2,635 shares in 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.