IGM Biosciences (NASDAQ:IGMS) Receives "Neutral" Rating from Wedbush

IGM Biosciences (NASDAQ:IGMS - Get Free Report)'s stock had its "neutral" rating restated by equities research analysts at Wedbush in a research note issued to investors on Friday,RTT News reports. They presently have a $3.00 price target on the stock, down from their prior price target of $22.00. Wedbush's price target suggests a potential upside of 43.54% from the stock's current price.

Several other brokerages have also commented on IGMS. 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. JPMorgan Chase & Co. lowered IGM Biosciences from a "neutral" rating to an "underweight" rating and decreased their price target for the company from $12.00 to $9.00 in a research note on Tuesday, October 1st. Royal Bank of Canada lowered IGM Biosciences from an "outperform" rating to a "sector perform" rating and decreased their price target for the company from $20.00 to $1.50 in a research note on Friday. Truist Financial lowered IGM Biosciences from a "buy" rating to a "hold" rating and decreased their price target for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Finally, BMO Capital Markets reissued a "market perform" rating and set a $2.00 target price (down previously from $21.00) on shares of IGM Biosciences in a research note on Friday. Two research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company's stock. According to MarketBeat.com, IGM Biosciences currently has an average rating of "Hold" and an average target price of $5.50.

IGM Biosciences Price Performance

NASDAQ:IGMS traded down $4.11 during trading hours on Friday, reaching $2.09. The company had a trading volume of 5,793,813 shares, compared to its average volume of 1,149,459. The firm has a market cap of $124.28 million, a PE ratio of -0.57 and a beta of 0.11. IGM Biosciences has a 1-year low of $1.87 and a 1-year high of $22.50. The business's 50 day moving average price is $9.22 and its 200-day moving average price is $10.93.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last issued its quarterly earnings results on Friday, November 8th. The company reported ($1.01) EPS for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The firm had revenue of $0.52 million for the quarter, compared to analysts' expectations 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, analysts expect that IGM Biosciences will post -3.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IGM Biosciences

Large investors have recently bought and sold shares of the stock. MetLife Investment Management LLC purchased a new stake in IGM Biosciences during the 3rd quarter worth about $149,000. Quest Partners LLC increased its holdings in IGM Biosciences by 71.4% during the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company's stock worth $82,000 after purchasing an additional 4,961 shares during the period. AQR Capital Management LLC purchased a new stake in IGM Biosciences during the 2nd quarter worth about $84,000. XTX Topco Ltd increased its holdings in IGM Biosciences by 70.9% during the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company's stock worth $140,000 after purchasing an additional 8,467 shares during the period. Finally, Barclays PLC increased its holdings in IGM Biosciences by 48.4% during the 3rd quarter. Barclays PLC now owns 21,554 shares of the company's stock worth $356,000 after purchasing an additional 7,027 shares during the period. 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.