IGM Biosciences’ (IGMS) Neutral Rating Reiterated at Wedbush

IGM Biosciences (NASDAQ:IGMS)‘s stock had its “neutral” rating reiterated by equities researchers at Wedbush in a research report issued on Friday,RTT News reports. They currently have a $3.00 target price on the stock, down from their prior target price of $22.00. Wedbush’s price target would suggest a potential upside of 54.64% from the company’s current price.

Several other analysts have also recently commented on the stock. JPMorgan Chase & Co. cut shares of 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 research note on Tuesday, October 1st. Stifel Nicolaus lowered shares of IGM Biosciences from a “buy” rating to a “hold” rating and lowered their price target for the company from $27.00 to $2.50 in a report on Friday. Truist Financial downgraded IGM Biosciences from a “buy” rating to a “hold” rating and cut their price target for the stock from $24.00 to $12.00 in a research report on Tuesday, October 1st. Guggenheim cut IGM Biosciences from a “buy” rating to a “neutral” rating in a report on Friday. Finally, Royal Bank of Canada lowered shares of IGM Biosciences from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from $20.00 to $1.50 in a research report on Friday. Two equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $5.89.

IGM Biosciences Stock Performance

IGMS stock traded down $4.26 during midday trading on Friday, reaching $1.94. The stock had a trading volume of 3,188,947 shares, compared to its average volume of 701,431. The firm has a fifty day simple moving average of $9.22 and a two-hundred day simple moving average of $10.93. IGM Biosciences has a 52-week low of $1.87 and a 52-week high of $22.50. The stock has a market cap of $115.36 million, a PE ratio of -0.53 and a beta of 0.11.

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). IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. The firm had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.23 million. On average, sell-side analysts predict that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers boosted its stake 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 purchasing an additional 2,635 shares during the last quarter. Bank of New York Mellon Corp boosted its position in 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 acquiring an additional 4,427 shares during the last quarter. Quest Partners LLC grew 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 acquiring an additional 4,961 shares in the last quarter. TD Asset Management Inc raised 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 acquiring an additional 5,350 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in IGM Biosciences by 8.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company’s stock worth $1,234,000 after purchasing an additional 5,683 shares in the last quarter. 42.79% of the stock is 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.