IGM Biosciences (NASDAQ:IGMS) Downgraded by Guggenheim to “Neutral”

IGM Biosciences (NASDAQ:IGMS) was downgraded by equities researchers at Guggenheim from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday,Briefing.com Automated Import reports.

A number of other research analysts also recently issued reports on the company. Stifel Nicolaus boosted their price target on IGM Biosciences from $25.00 to $27.00 and gave the company a “buy” rating in a report on Monday, November 11th. JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $12.00 to $9.00 in a research note on Tuesday, October 1st. Wedbush dropped their price target on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a research note on Tuesday, October 1st. Royal Bank of Canada lifted 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. Finally, Truist Financial lowered 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 report on Tuesday, October 1st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $9.11.

IGM Biosciences Stock Performance

NASDAQ:IGMS opened at $6.20 on Friday. IGM Biosciences has a fifty-two week low of $5.79 and a fifty-two week high of $22.50. The firm has a market cap of $368.68 million, a PE ratio of -1.70 and a beta of 0.11. The business has a 50 day moving average price of $9.22 and a 200-day moving average price of $10.93.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings results on Friday, November 8th. The company reported ($1.01) earnings per share for the quarter, missing the consensus estimate of ($0.82) by ($0.19). IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. The firm had revenue of $0.52 million for the quarter, compared to analysts’ expectations of $0.23 million. Research analysts predict that IGM Biosciences will post -3.33 EPS for the current year.

Institutional Trading of IGM Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the business. Barclays PLC lifted its position in IGM Biosciences by 48.4% during the 3rd quarter. Barclays PLC now owns 21,554 shares of the company’s stock valued at $356,000 after acquiring an additional 7,027 shares during the period. Geode Capital Management LLC increased its stake in shares of IGM Biosciences by 7.6% during the third quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock valued at $6,548,000 after purchasing an additional 28,118 shares in the last quarter. Wellington Management Group LLP lifted its holdings 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 valued at $1,627,000 after purchasing an additional 29,374 shares during the last quarter. State Street Corp boosted its position in shares of IGM Biosciences by 2.7% in the 3rd quarter. State Street Corp now owns 469,790 shares of the company’s stock worth $7,770,000 after purchasing an additional 12,174 shares in the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in shares of IGM Biosciences in the 3rd quarter worth approximately $149,000. 42.79% of the stock is owned by hedge funds and other institutional investors.

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.