IGM Biosciences (NASDAQ:IGMS) Stock Rating Upgraded by JPMorgan Chase & Co.

IGM Biosciences (NASDAQ:IGMS) was upgraded by investment analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a research report issued to clients and investors on Monday,Benzinga reports.

Several other research analysts also recently weighed in on the stock. Stifel Nicolaus downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and decreased their price target for the stock from $27.00 to $2.50 in a research report on Friday. Royal Bank of Canada lowered shares of IGM Biosciences from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from $20.00 to $1.50 in a report on Friday. BMO Capital Markets restated a “market perform” rating and set a $2.00 price objective (down from $21.00) on shares of IGM Biosciences in a research report on Friday. Guggenheim downgraded IGM Biosciences from a “buy” rating to a “neutral” rating in a research report on Friday. Finally, Morgan Stanley cut IGM Biosciences from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $12.00 to $2.00 in a research report on Friday. One equities research analyst has rated the stock with a sell rating and nine have given a hold rating to the company. According to data from MarketBeat, IGM Biosciences has an average rating of “Hold” and a consensus target price of $5.50.

IGM Biosciences Stock Down 12.0 %

Shares of NASDAQ IGMS traded down $0.25 during midday trading on Monday, hitting $1.84. The stock had a trading volume of 1,121,023 shares, compared to its average volume of 1,144,301. The company has a market cap of $109.41 million, a P/E ratio of -0.51 and a beta of 0.11. The business’s 50 day moving average is $8.94 and its 200-day moving average is $10.95. IGM Biosciences has a 52 week low of $1.83 and a 52 week high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings results 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 company had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.23 million. As a group, analysts expect that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Institutional Investors Weigh In On IGM Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in IGMS. Bank of New York Mellon Corp lifted its stake in IGM Biosciences by 8.9% in 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 last quarter. Rhumbline Advisers boosted its stake in shares of 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 in the last quarter. Quest Partners LLC increased its holdings in shares of IGM Biosciences by 71.4% in 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 during the period. Bruce & Co. Inc. grew its stake in 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 purchasing an additional 35,000 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of IGM Biosciences by 126.0% in the 2nd quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after buying an additional 60,593 shares in the last quarter. 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.