JPMorgan Chase & Co. Downgrades IGM Biosciences (NASDAQ:IGMS) to Underweight

IGM Biosciences (NASDAQ:IGMS) was downgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research note issued to investors on Tuesday, Marketbeat.com reports. They currently have a $9.00 target price on the stock, down from their previous target price of $12.00. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 37.50% from the company’s previous close.

Several other brokerages have also issued reports on IGMS. Wedbush reiterated an “outperform” rating and issued a $25.00 target price (up from $20.00) on shares of IGM Biosciences in a research report on Wednesday, August 14th. HC Wainwright lowered their price target on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and lowered their price target for the stock from $24.00 to $12.00 in a research note on Tuesday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $20.00 price objective on shares of IGM Biosciences in a research note on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $14.67.

IGM Biosciences Price Performance

IGMS opened at $14.40 on Tuesday. IGM Biosciences has a one year low of $3.81 and a one year high of $22.50. The company has a fifty day moving average price of $11.69 and a 200-day moving average price of $9.78. The firm has a market capitalization of $849.95 million, a P/E ratio of -3.34 and a beta of 0.21.

IGM Biosciences (NASDAQ:IGMS) last announced its earnings results on Wednesday, August 14th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.97). IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. The company had revenue of $1.25 million during the quarter, compared to analysts’ expectations of $51.75 million. On average, analysts expect that IGM Biosciences will post -3.13 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the completion of the transaction, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at $2,886,430.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the completion of the transaction, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at $2,886,430.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Julie Hambleton sold 15,132 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $14.00, for a total transaction of $211,848.00. Following the completion of the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at $28,000. The disclosure for this sale can be found here. Insiders sold a total of 21,034 shares of company stock valued at $279,957 over the last three months. Corporate insiders own 57.00% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of IGMS. Quest Partners LLC grew 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 valued at $82,000 after buying an additional 4,961 shares during the last quarter. AQR Capital Management LLC purchased a new stake in shares of IGM Biosciences during the second quarter valued at approximately $84,000. EntryPoint Capital LLC purchased a new stake in shares of IGM Biosciences during the first quarter valued at approximately $152,000. XTX Topco Ltd grew its holdings in shares of IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after buying an additional 8,467 shares during the last quarter. Finally, Rhumbline Advisers lifted its position in 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 purchasing an additional 2,635 shares during the period. Hedge funds and other 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.