IGM Biosciences (NASDAQ:IGMS) Downgraded to Sector Perform Rating by Royal Bank of Canada

Royal Bank of Canada cut shares of IGM Biosciences (NASDAQ:IGMS) from an outperform rating to a sector perform rating in a research note published on Friday, MarketBeat Ratings reports. They currently have $1.50 price objective on the stock, down from their prior price objective of $20.00.

A number of other brokerages have also recently issued reports on IGMS. Stifel Nicolaus increased their target price on shares of IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. BMO Capital Markets reissued a “market perform” rating and issued a $2.00 price objective (down previously from $21.00) on shares of IGM Biosciences in a research note on Friday. Truist Financial lowered IGM Biosciences from a “buy” rating to a “hold” rating and lowered their target price for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Wedbush reduced their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 1st. Finally, Guggenheim cut shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a research report on Friday. Two analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Based on data from MarketBeat, IGM Biosciences presently has a consensus rating of “Hold” and a consensus target price of $5.50.

IGM Biosciences Stock Performance

Shares of IGMS stock opened at $2.09 on Friday. The firm has a fifty day moving average of $8.94 and a 200-day moving average of $10.89. The stock has a market cap 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) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.23 million. On average, sell-side analysts predict that IGM Biosciences will post -3.33 earnings per share for the current year.

Institutional Investors Weigh In On IGM Biosciences

Several large investors have recently bought and sold shares of IGMS. Geode Capital Management LLC raised its stake in IGM Biosciences by 7.6% during the 3rd quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock worth $6,548,000 after buying an additional 28,118 shares during the period. State Street Corp lifted its holdings in shares of IGM Biosciences by 2.7% during the 3rd quarter. State Street Corp now owns 469,790 shares of the company’s stock valued at $7,770,000 after purchasing an additional 12,174 shares in the last quarter. AQR Capital Management LLC acquired a new position in shares of IGM Biosciences in the 2nd quarter valued at approximately $84,000. Marshall Wace LLP increased its stake in IGM Biosciences by 51.6% during the 2nd quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock worth $737,000 after purchasing an additional 36,491 shares in the last quarter. Finally, Barclays PLC raised its holdings in IGM Biosciences by 48.4% during the 3rd quarter. Barclays PLC now owns 21,554 shares of the company’s stock worth $356,000 after buying an additional 7,027 shares during the period. 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.