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

Guggenheim lowered shares of IGM Biosciences (NASDAQ:IGMS) from a buy rating to a neutral rating in a research note published on Friday, MarketBeat.com reports.

A number of other research firms have also recently commented on IGMS. Stifel Nicolaus upped their price objective on IGM Biosciences from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Wedbush dropped their price objective on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a report on Tuesday, October 1st. Royal Bank of Canada upped their target price on shares of IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, October 18th. JPMorgan Chase & Co. downgraded IGM Biosciences from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $12.00 to $9.00 in a research report on Tuesday, October 1st. Finally, Truist Financial lowered shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their price objective for the company from $24.00 to $12.00 in a report on Tuesday, October 1st. Two equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $5.50.

IGM Biosciences Stock Performance

IGMS opened at $2.09 on Friday. The company’s 50-day simple moving average is $8.94 and its two-hundred day simple moving average is $10.89. The stock has a market capitalization of $124.28 million, a P/E ratio of -0.57 and a beta of 0.11. IGM Biosciences has a 52-week low of $1.87 and a 52-week high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results on Friday, November 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The company 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%. Research analysts forecast that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Institutional Investors Weigh In On IGM Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in IGMS. Barclays PLC increased its position in shares of IGM Biosciences by 48.4% in the third quarter. Barclays PLC now owns 21,554 shares of the company’s stock valued at $356,000 after buying an additional 7,027 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of IGM Biosciences by 7.6% in 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 increased its position in shares of IGM Biosciences by 42.6% during the third quarter. Wellington Management Group LLP now owns 98,339 shares of the company’s stock worth $1,627,000 after acquiring an additional 29,374 shares during the period. State Street Corp boosted its stake in shares of IGM Biosciences by 2.7% in the 3rd quarter. State Street Corp now owns 469,790 shares of the company’s stock valued at $7,770,000 after buying an additional 12,174 shares during the period. Finally, MetLife Investment Management LLC purchased a new position in IGM Biosciences in the third quarter worth approximately $149,000. Institutional investors and hedge funds 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.