IGM Biosciences (NASDAQ:IGMS) Downgraded to Underweight Rating by Morgan Stanley

IGM Biosciences (NASDAQ:IGMS) was downgraded by Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research note issued on Friday,Briefing.com Automated Import reports. They currently have a $2.00 price target on the stock, down from their previous price target of $12.00. Morgan Stanley’s price target would suggest a potential downside of 67.74% from the company’s current price.

Several other equities research analysts also recently commented on the company. 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 report on Friday. JPMorgan Chase & Co. lowered shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $12.00 to $9.00 in a research note on Tuesday, October 1st. Royal Bank of Canada downgraded shares of 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 research report on Friday. Guggenheim downgraded shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a research report on Friday. Finally, Wedbush decreased their target price on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a research note on Tuesday, October 1st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, IGM Biosciences currently has an average rating of “Hold” and a consensus price target of $9.11.

IGM Biosciences Stock Performance

Shares of NASDAQ IGMS opened at $6.20 on Friday. The company has a market cap of $368.68 million, a PE ratio of -1.70 and a beta of 0.11. The firm’s 50 day moving average price is $9.22 and its 200-day moving average price is $10.93. IGM Biosciences has a 52-week low of $5.79 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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The business had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.23 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. On average, analysts forecast that IGM Biosciences will post -3.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IGM Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of IGMS. Rhumbline Advisers increased its position in IGM Biosciences by 13.1% in the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after buying an additional 2,635 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of 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 acquiring an additional 4,427 shares during the period. Quest Partners LLC increased its holdings in IGM Biosciences by 71.4% in the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after acquiring an additional 4,961 shares in the last quarter. TD Asset Management Inc raised its stake in 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 acquiring an additional 5,350 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings 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 purchasing an additional 5,683 shares in the last quarter. 42.79% of the stock is currently owned by hedge funds and other institutional investors.

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.