IGM Biosciences (NASDAQ:IGMS) Stock Rating Lowered 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 released on Friday morning, MarketBeat Ratings reports. They currently have $1.50 price target on the stock, down from their prior price target of $20.00.

Several other equities analysts have also recently weighed in on IGMS. JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $12.00 to $9.00 in a report on Tuesday, October 1st. Stifel Nicolaus boosted their price target on IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Wedbush decreased their target price on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a research note on Tuesday, October 1st. 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 research report on Friday. Finally, Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and decreased their price objective for the company from $24.00 to $12.00 in a research report on Tuesday, October 1st. Two investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $5.50.

IGM Biosciences Stock Performance

Shares of IGM Biosciences stock opened at $2.09 on Friday. The firm has a market cap of $124.28 million, a PE ratio of -0.57 and a beta of 0.11. The business’s 50 day simple moving average is $8.94 and its 200 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.

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

Institutional Investors Weigh In On IGM Biosciences

Hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its stake in shares of IGM Biosciences by 8.9% during the second quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock worth $371,000 after purchasing an additional 4,427 shares during the period. Rhumbline Advisers increased its position in IGM Biosciences by 13.1% during the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after buying an additional 2,635 shares during the period. TD Asset Management Inc lifted its holdings in shares of IGM Biosciences by 3.4% during the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock worth $1,130,000 after buying an additional 5,350 shares in the last quarter. Quest Partners LLC lifted its holdings in shares of IGM Biosciences by 71.4% during the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after buying an additional 4,961 shares in the last quarter. Finally, Bruce & Co. Inc. boosted its position in shares of 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. 42.79% of the stock is currently owned by institutional investors and hedge funds.

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.