IGM Biosciences’ (IGMS) Market Perform Rating Reaffirmed at BMO Capital Markets

BMO Capital Markets reiterated their market perform rating on shares of IGM Biosciences (NASDAQ:IGMS) in a report issued on Friday, Marketbeat Ratings reports. BMO Capital Markets currently has a $2.00 target price on the stock, down from their previous target price of $21.00.

Several other brokerages have also recently issued reports on IGMS. JPMorgan Chase & Co. cut shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $12.00 to $9.00 in a research note on Tuesday, October 1st. Royal Bank of Canada upped their price objective on shares of IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Stifel Nicolaus raised their target price on shares of IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Guggenheim dropped 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. Finally, Wedbush lowered their price objective on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 1st. Two analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $5.50.

IGM Biosciences Stock Down 66.3 %

IGMS opened at $2.09 on Friday. The firm’s fifty day simple moving average is $8.94 and its two-hundred day simple moving average is $10.89. IGM Biosciences has a 52-week low of $1.87 and a 52-week high of $22.50. The company has a market cap of $124.28 million, a price-to-earnings ratio of -0.57 and a beta of 0.11.

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

Institutional Trading of IGM Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp increased its position in shares of IGM Biosciences by 2.7% during the third quarter. State Street Corp now owns 469,790 shares of the company’s stock valued at $7,770,000 after acquiring an additional 12,174 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of 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 purchasing an additional 28,118 shares during the period. TD Asset Management Inc increased its holdings in IGM Biosciences by 3.4% in the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after purchasing an additional 5,350 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in IGM Biosciences by 12.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 148,402 shares of the company’s stock valued at $2,455,000 after purchasing an additional 16,072 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in IGM Biosciences by 126.0% during the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock worth $747,000 after purchasing an additional 60,593 shares in the last quarter. 42.79% of the stock is currently 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.