IGM Biosciences (NASDAQ:IGMS) Downgraded by Morgan Stanley to “Underweight”

Morgan Stanley lowered shares of IGM Biosciences (NASDAQ:IGMS) from an equal weight rating to an underweight rating in a research report report published on Friday morning, MarketBeat.com reports. They currently have $2.00 price objective on the stock, down from their prior price objective of $12.00.

Other research analysts also recently issued reports about the company. Wedbush lowered their price target on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a report on Tuesday, October 1st. Truist Financial cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and lowered their target price for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Royal Bank of Canada cut shares of IGM Biosciences from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from $20.00 to $1.50 in a report on Friday. Guggenheim downgraded shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a research report on Friday. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $2.00 target price (down previously from $21.00) on shares of IGM Biosciences in a research report on Friday. Two research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $5.50.

IGM Biosciences Price Performance

IGMS opened at $2.09 on Friday. The firm has a market cap of $124.28 million, a PE ratio of -0.57 and a beta of 0.11. The stock has a 50-day moving average price of $8.94 and a 200-day moving average price of $10.89. IGM Biosciences has a 1 year low of $1.87 and a 1 year 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). IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The firm had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.23 million. As a group, sell-side analysts anticipate that IGM Biosciences will post -3.33 EPS for the current year.

Institutional Trading of IGM Biosciences

Several hedge funds have recently bought and sold shares of the stock. State Street Corp raised its stake in shares of IGM Biosciences by 2.7% in the third quarter. State Street Corp now owns 469,790 shares of the company’s stock worth $7,770,000 after buying an additional 12,174 shares during the period. Geode Capital Management LLC increased its holdings in IGM Biosciences by 7.6% in the 3rd quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock worth $6,548,000 after acquiring an additional 28,118 shares in the last quarter. TD Asset Management Inc raised its stake in IGM Biosciences by 3.4% during the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock worth $1,130,000 after acquiring an additional 5,350 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in IGM Biosciences by 12.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 148,402 shares of the company’s stock valued at $2,455,000 after purchasing an additional 16,072 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of IGM Biosciences by 126.0% in the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock worth $747,000 after purchasing an additional 60,593 shares during the period. 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.