IGM Biosciences (NASDAQ:IGMS) Given “Hold” Rating at Jefferies Financial Group

Jefferies Financial Group reissued their hold rating on shares of IGM Biosciences (NASDAQ:IGMS) in a research note issued to investors on Friday,Benzinga reports. Jefferies Financial Group currently has a $2.00 target price on the stock, down from their prior target price of $48.00.

A number of other equities analysts have also issued reports on the company. Morgan Stanley lowered IGM Biosciences from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $12.00 to $2.00 in a research note on Friday. Wedbush reaffirmed a “neutral” rating and set a $3.00 target price (down from $22.00) on shares of IGM Biosciences in a report on Friday. Stifel Nicolaus downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their price target for the company from $27.00 to $2.50 in a report on Friday. Truist Financial lowered their price objective on shares of IGM Biosciences from $12.00 to $2.00 and set a “hold” rating on the stock in a research note on Friday. Finally, BMO Capital Markets reissued a “market perform” rating and set a $2.00 target price (down from $21.00) on shares of IGM Biosciences in a research note on Friday. Two investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat.com, IGM Biosciences has a consensus rating of “Hold” and a consensus target price of $5.50.

IGM Biosciences Stock Performance

Shares of IGMS opened at $2.09 on Friday. IGM Biosciences has a one year low of $1.87 and a one year high of $22.50. The stock’s fifty day moving average is $8.94 and its 200-day moving average is $10.89. The firm has a market capitalization of $124.28 million, a price-to-earnings ratio of -0.57 and a beta of 0.11.

IGM Biosciences (NASDAQ:IGMS) last released 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). The company had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. Analysts forecast that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Institutional Investors Weigh In On IGM Biosciences

Several large investors have recently made changes to their positions in IGMS. Renaissance Technologies LLC raised its holdings in shares of IGM Biosciences by 126.0% during the 2nd quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after purchasing an additional 60,593 shares in the last quarter. Marshall Wace LLP raised its holdings in IGM Biosciences by 51.6% during the second quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock valued at $737,000 after buying an additional 36,491 shares in the last quarter. Bruce & Co. Inc. lifted its position in shares of IGM Biosciences by 53.8% in the second quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock worth $687,000 after buying an additional 35,000 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of IGM Biosciences by 42.6% during the 3rd quarter. Wellington Management Group LLP now owns 98,339 shares of the company’s stock valued at $1,627,000 after acquiring an additional 29,374 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of IGM Biosciences by 7.6% in the 3rd quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock valued at $6,548,000 after acquiring an additional 28,118 shares in the last quarter. Institutional investors 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.