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

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report) have been given an average rating of "Reduce" by the ten brokerages that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating and nine have given a hold rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $5.50.

A number of equities research analysts have commented on IGMS shares. Royal Bank of Canada cut 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, January 10th. Stifel Nicolaus lowered shares of IGM Biosciences from a "buy" rating to a "hold" rating and decreased their price objective for the company from $27.00 to $2.50 in a research report on Friday, January 10th. Truist Financial lowered their target price on shares of IGM Biosciences from $12.00 to $2.00 and set a "hold" rating for the company in a research note on Friday, January 10th. Morgan Stanley lowered shares of IGM Biosciences from an "equal weight" rating to an "underweight" rating and cut their price target for the company from $12.00 to $2.00 in a research note on Friday, January 10th. Finally, Jefferies Financial Group reiterated a "hold" rating and set a $2.00 price objective (down from $48.00) on shares of IGM Biosciences in a research note on Friday, January 10th.

IGM Biosciences Stock Down 5.1 %

Shares of NASDAQ IGMS traded down $0.08 during trading hours on Monday, hitting $1.50. 229,658 shares of the stock were exchanged, compared to its average volume of 806,757. IGM Biosciences has a 12 month low of $1.37 and a 12 month high of $22.50. The firm has a fifty day moving average price of $5.46 and a 200-day moving average price of $10.10. The company has a market cap of $89.19 million, a PE ratio of -0.41 and a beta of 0.03.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last issued its quarterly earnings results on Friday, November 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.82) by ($0.19). The business had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. As a group, equities analysts anticipate that IGM Biosciences will post -3.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IGM Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. China Universal Asset Management Co. Ltd. acquired a new position in shares of IGM Biosciences in the 4th quarter valued at about $44,000. MetLife Investment Management LLC acquired a new position in IGM Biosciences in the third quarter valued at approximately $149,000. AQR Capital Management LLC purchased a new stake in IGM Biosciences in the 2nd quarter worth approximately $84,000. Barclays PLC grew its stake in shares of 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. Finally, Point72 Asset Management L.P. acquired a new stake in shares of IGM Biosciences during the 2nd quarter worth approximately $187,000. 42.79% of the stock is owned by institutional investors and hedge funds.

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.