IGM Biosciences’ (IGMS) “Neutral” Rating Reaffirmed at Wedbush

Wedbush reiterated their neutral rating on shares of IGM Biosciences (NASDAQ:IGMS) in a research note published on Friday,RTT News reports. Wedbush currently has a $3.00 price target on the stock, down from their previous price target of $22.00.

Several other analysts have also recently issued reports on IGMS. JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $12.00 to $9.00 in a report on Tuesday, October 1st. Morgan Stanley downgraded shares of IGM Biosciences from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $12.00 to $2.00 in a research note on Friday. Guggenheim cut shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a research note on Friday. Truist Financial lowered shares of IGM Biosciences from a “buy” rating to a “hold” rating and reduced their price target for the company from $24.00 to $12.00 in a research report on Tuesday, October 1st. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $2.00 price objective (down from $21.00) on shares of IGM Biosciences in a research report on Friday. Two research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $5.50.

IGM Biosciences Stock Down 66.3 %

Shares of NASDAQ IGMS opened at $2.09 on Friday. The firm has a 50-day simple moving average of $8.94 and a 200-day simple moving average of $10.89. The stock has a market capitalization of $124.28 million, a price-to-earnings ratio of -0.57 and a beta of 0.11. IGM Biosciences has a 52 week low of $1.87 and a 52 week high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings data on Friday, November 8th. The company reported ($1.01) EPS 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%. As a group, equities research analysts expect that IGM Biosciences will post -3.33 EPS for the current year.

Institutional Trading of IGM Biosciences

Large investors have recently modified their holdings of the stock. Renaissance Technologies LLC grew its stake in IGM Biosciences by 126.0% during the 2nd quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock worth $747,000 after purchasing an additional 60,593 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of IGM Biosciences by 51.6% in the 2nd quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock valued at $737,000 after buying an additional 36,491 shares during the period. Bruce & Co. Inc. grew its position in shares of IGM Biosciences by 53.8% during the second quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock worth $687,000 after buying an additional 35,000 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of 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 raised its holdings in IGM Biosciences by 7.6% in the third quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock valued at $6,548,000 after acquiring an additional 28,118 shares in the last quarter. Hedge funds and other institutional investors own 42.79% of the company’s stock.

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.