IGM Biosciences, Inc. (NASDAQ:IGMS) Receives $17.75 Average PT from Brokerages

IGM Biosciences, Inc. (NASDAQ:IGMS) has been assigned an average rating of “Moderate Buy” from the eight analysts that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $17.75.

A number of analysts recently issued reports on the company. Guggenheim lowered their price target on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. BMO Capital Markets started coverage on shares of IGM Biosciences in a report on Friday, December 6th. They issued an “outperform” rating and a $21.00 target price for the company. Royal Bank of Canada upped their price target on shares of IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $24.00 to $12.00 in a research note on Tuesday, October 1st. Finally, HC Wainwright cut their target price on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th.

Hedge Funds Weigh In On IGM Biosciences

A number of institutional investors have recently modified their holdings of IGMS. MetLife Investment Management LLC bought a new position in IGM Biosciences in the third quarter worth approximately $149,000. Quest Partners LLC grew its position in shares of IGM Biosciences by 71.4% during the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after buying an additional 4,961 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of IGM Biosciences during the 2nd quarter worth $84,000. XTX Topco Ltd increased its stake in shares of IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after buying an additional 8,467 shares during the period. Finally, Barclays PLC raised its holdings in shares of IGM Biosciences by 48.4% in the third quarter. Barclays PLC now owns 21,554 shares of the company’s stock valued at $356,000 after acquiring an additional 7,027 shares in the last quarter. 42.79% of the stock is owned by hedge funds and other institutional investors.

IGM Biosciences Trading Down 2.1 %

Shares of NASDAQ:IGMS opened at $6.90 on Friday. The company has a market cap of $410.30 million, a price-to-earnings ratio of -1.90 and a beta of 0.08. IGM Biosciences has a 12 month low of $6.17 and a 12 month high of $22.50. The company has a 50-day moving average price of $12.06 and a 200 day moving average price of $11.08.

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 company 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%. As a group, equities analysts forecast that IGM Biosciences will post -3.33 EPS for the current year.

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.