IGM Biosciences, Inc. (NASDAQ:IGMS) Receives $17.75 Average PT from Brokerages

IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the eight brokerages that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and five have given a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $17.75.

A number of equities analysts have issued reports on IGMS shares. Stifel Nicolaus lifted their price target on IGM Biosciences from $25.00 to $27.00 and gave the company a "buy" rating in a research note on Monday, November 11th. Guggenheim cut their target price on IGM Biosciences from $25.00 to $20.00 and set a "buy" rating on the stock in a research report on Tuesday, October 1st. Wedbush lowered their price target on IGM Biosciences from $25.00 to $22.00 and set an "outperform" rating for the company in a research report on Tuesday, October 1st. Truist Financial downgraded shares of IGM Biosciences from a "buy" rating to a "hold" rating and cut their price objective for the stock from $24.00 to $12.00 in a report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a "neutral" rating to an "underweight" rating and lowered their target price for the company from $12.00 to $9.00 in a report on Tuesday, October 1st.

Institutional Trading of IGM Biosciences

A number of large investors have recently added to or reduced their stakes in IGMS. Rhumbline Advisers grew its position in shares of IGM Biosciences by 13.1% during the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company's stock valued at $156,000 after acquiring an additional 2,635 shares during the period. Bank of New York Mellon Corp increased its position in IGM Biosciences by 8.9% in the second quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company's stock worth $371,000 after buying an additional 4,427 shares during the last quarter. Quest Partners LLC raised its stake in shares of 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 buying an additional 4,961 shares during the period. TD Asset Management Inc lifted its position in shares of IGM Biosciences by 3.4% during the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company's stock valued at $1,130,000 after buying an additional 5,350 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew 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 acquiring an additional 5,683 shares during the period. Hedge funds and other institutional investors own 42.79% of the company's stock.

IGM Biosciences Trading Down 8.8 %

Shares of IGMS traded down $0.60 during trading hours on Thursday, reaching $6.20. The stock had a trading volume of 149,688 shares, compared to its average volume of 220,918. The firm has a 50-day simple moving average of $9.22 and a 200 day simple moving average of $10.93. IGM Biosciences has a 12 month low of $5.79 and a 12 month high of $22.50. The company has a market capitalization of $368.68 million, a price-to-earnings ratio of -1.70 and a beta of 0.11.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last released its quarterly earnings data on Friday, November 8th. The company reported ($1.01) earnings per share for the quarter, missing analysts' consensus estimates of ($0.82) by ($0.19). The business had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.23 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. On average, equities analysts forecast that IGM Biosciences will post -3.33 EPS for the current year.

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.