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

IGM Biosciences (NASDAQ:IGMS) was downgraded by analysts 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 brokerages also recently issued reports on IGMS. BMO Capital Markets reaffirmed a “market perform” rating and set a $2.00 price target (down from $21.00) on shares of IGM Biosciences in a report on Friday. Stifel Nicolaus raised their price target on shares of IGM Biosciences from $25.00 to $27.00 and gave the company a “buy” rating in a report on Monday, November 11th. Royal Bank of Canada lifted their price target on shares of IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Wedbush lowered their price objective 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, JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $12.00 to $9.00 in a research report on Tuesday, October 1st. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $9.11.

IGM Biosciences Stock Performance

Shares of IGM Biosciences stock opened at $6.20 on Friday. The company has a 50-day simple moving average of $9.22 and a two-hundred day simple moving average of $10.93. The stock has a market capitalization of $368.68 million, a PE ratio of -1.70 and a beta of 0.11. IGM Biosciences has a 52-week low of $5.79 and a 52-week high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last announced 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). The firm had revenue of $0.52 million during 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%. As a group, equities research analysts forecast that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Barclays PLC grew its position in shares of 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 lifted its position in 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 grew its holdings in 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 period. State Street Corp increased its position in IGM Biosciences by 2.7% in the third quarter. State Street Corp now owns 469,790 shares of the company’s stock worth $7,770,000 after buying an additional 12,174 shares in the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in IGM Biosciences in the third quarter worth about $149,000. 42.79% of the stock is currently owned by 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.