IGM Biosciences, Inc. (NASDAQ:IGMS) Given Consensus Recommendation of “Reduce” by Analysts

IGM Biosciences, Inc. (NASDAQ:IGMS) has been assigned a consensus recommendation of “Reduce” from the ten brokerages that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating and nine have issued a hold rating on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $5.50.

Several equities research analysts recently commented on the stock. Morgan Stanley cut shares of IGM Biosciences from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $12.00 to $2.00 in a research report on Friday, January 10th. Stifel Nicolaus cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and dropped their target price for the company from $27.00 to $2.50 in a report on Friday, January 10th. Wedbush reiterated a “neutral” rating and issued a $3.00 price target (down previously from $22.00) on shares of IGM Biosciences in a research note on Friday, January 10th. Jefferies Financial Group reiterated a “hold” rating and issued a $2.00 price target (down previously from $48.00) on shares of IGM Biosciences in a research note on Friday, January 10th. Finally, BMO Capital Markets restated a “market perform” rating and set a $2.00 target price (down previously from $21.00) on shares of IGM Biosciences in a research report on Friday, January 10th.

IGM Biosciences Trading Up 17.0 %

Shares of IGMS stock opened at $2.00 on Thursday. IGM Biosciences has a 1 year low of $1.59 and a 1 year high of $22.50. The firm’s fifty day simple moving average is $8.38 and its 200 day simple moving average is $10.88. The firm has a market capitalization of $118.93 million, a P/E ratio of -0.55 and a beta of 0.11.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings results 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 for the quarter, compared to analyst estimates of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. Equities research analysts anticipate that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Institutional Investors Weigh In On IGM Biosciences

A number of large investors have recently modified their holdings of IGMS. Bank of New York Mellon Corp raised its stake in IGM Biosciences by 8.9% in the second quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock worth $371,000 after buying an additional 4,427 shares in the last quarter. Rhumbline Advisers boosted its position in shares of IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after buying an additional 2,635 shares during the last quarter. TD Asset Management Inc grew its stake in shares of IGM Biosciences by 3.4% in the second 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. Quest Partners LLC raised its stake in IGM Biosciences by 71.4% during the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after buying an additional 4,961 shares during the last quarter. Finally, Bruce & Co. Inc. lifted its holdings in IGM Biosciences by 53.8% in the second quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock valued at $687,000 after acquiring an additional 35,000 shares during the period. 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.