IGM Biosciences (NASDAQ:IGMS) Rating Lowered to “Hold” at Stifel Nicolaus

IGM Biosciences (NASDAQ:IGMS) was downgraded by investment analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a research report issued on Friday,Briefing.com Automated Import reports. They presently have a $2.50 target price on the stock, down from their prior target price of $27.00. Stifel Nicolaus’ price objective would indicate a potential downside of 59.68% from the company’s current price.

A number of other analysts have also weighed in on the stock. JPMorgan Chase & Co. lowered shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $12.00 to $9.00 in a report on Tuesday, October 1st. Guggenheim downgraded IGM Biosciences from a “buy” rating to a “neutral” rating in a research report on Friday. BMO Capital Markets reiterated a “market perform” rating and issued a $2.00 price target (down previously from $21.00) on shares of IGM Biosciences in a report on Friday. Royal Bank of Canada cut IGM Biosciences from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $20.00 to $1.50 in a report on Friday. Finally, Truist Financial lowered shares of IGM Biosciences from a “buy” rating to a “hold” rating and reduced their target price for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $9.11.

IGM Biosciences Stock Performance

IGM Biosciences stock opened at $6.20 on Friday. The business’s fifty day moving average is $9.22 and its two-hundred day moving average is $10.93. The firm has a market cap of $368.68 million, a P/E ratio of -1.70 and a beta of 0.11. IGM Biosciences has a 52 week low of $5.79 and a 52 week high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly 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 for the quarter, compared to analyst estimates of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. On average, equities research analysts predict that IGM Biosciences will post -3.33 earnings per share for the current year.

Hedge Funds Weigh In On IGM Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the company. Rhumbline Advisers raised its holdings in shares of IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after acquiring an additional 2,635 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of IGM Biosciences by 8.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock valued at $371,000 after buying an additional 4,427 shares during the last quarter. Quest Partners LLC lifted its stake in IGM Biosciences by 71.4% in the second 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 last quarter. TD Asset Management Inc grew its position in shares of 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 period. Finally, The Manufacturers Life Insurance Company increased its stake in shares of IGM Biosciences by 8.2% during 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 during the last quarter. Institutional investors and hedge funds own 42.79% of the company’s stock.

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.