Brokerages Set IGM Biosciences, Inc. (NASDAQ:IGMS) Target Price at $5.50

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) have been given a consensus rating of “Reduce” by the ten brokerages that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating and nine have assigned a hold rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $5.50.

IGMS has been the topic of a number of research reports. JPMorgan Chase & Co. raised shares of IGM Biosciences from an “underweight” rating to a “neutral” rating in a research note on Monday, January 13th. Stifel Nicolaus lowered IGM Biosciences from a “buy” rating to a “hold” rating and dropped their target price for the stock from $27.00 to $2.50 in a research report on Friday, January 10th. Wedbush reiterated a “neutral” rating and set a $3.00 price target (down from $22.00) on shares of IGM Biosciences in a report on Friday, January 10th. Royal Bank of Canada downgraded 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, January 10th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $2.00 target price (down from $21.00) on shares of IGM Biosciences in a research note on Friday, January 10th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Sanofi acquired a new position in shares of IGM Biosciences in the 4th quarter worth approximately $8,792,000. State Street Corp grew its position in IGM Biosciences by 2.7% in the third quarter. State Street Corp now owns 469,790 shares of the company’s stock valued at $7,770,000 after acquiring an additional 12,174 shares during the period. Geode Capital Management LLC lifted its holdings in shares of IGM Biosciences by 3.4% during the fourth quarter. Geode Capital Management LLC now owns 409,133 shares of the company’s stock valued at $2,501,000 after acquiring an additional 13,334 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of IGM Biosciences by 6.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 157,843 shares of the company’s stock valued at $964,000 after acquiring an additional 9,441 shares during the period. Finally, Two Sigma Investments LP boosted its stake in shares of IGM Biosciences by 196.7% in the 4th quarter. Two Sigma Investments LP now owns 107,620 shares of the company’s stock valued at $658,000 after purchasing an additional 71,343 shares in the last quarter. Institutional investors and hedge funds own 42.79% of the company’s stock.

IGM Biosciences Trading Up 5.6 %

Shares of NASDAQ IGMS opened at $1.33 on Friday. IGM Biosciences has a one year low of $1.19 and a one year high of $22.50. The business has a 50-day moving average price of $2.69 and a two-hundred day moving average price of $8.96. The firm has a market capitalization of $79.09 million, a PE ratio of -0.37 and a beta of 0.03.

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.