IGM Biosciences, Inc. (NASDAQ:IGMS) Given Consensus Recommendation of "Reduce" by Analysts

IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report) has been given an average rating of "Reduce" by the ten brokerages that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating and nine have issued a hold rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $5.50.

A number of analysts have recently commented on the company. BMO Capital Markets reissued a "market perform" rating and issued a $2.00 price objective (down previously from $21.00) on shares of IGM Biosciences in a research note on Friday, January 10th. Guggenheim lowered shares of IGM Biosciences from a "buy" rating to a "neutral" rating in a research note on Friday, January 10th. Truist Financial reduced their price objective 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. Jefferies Financial Group reiterated a "hold" rating and set a $2.00 price target (down previously from $48.00) on shares of IGM Biosciences in a report on Friday, January 10th. Finally, Royal Bank of Canada downgraded shares of IGM Biosciences from an "outperform" rating to a "sector perform" rating and cut their target price for the stock from $20.00 to $1.50 in a research report on Friday, January 10th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its stake in IGM Biosciences by 12.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 148,402 shares of the company's stock valued at $2,455,000 after buying an additional 16,072 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in IGM Biosciences by 8.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company's stock valued at $1,234,000 after buying an additional 5,683 shares during the period. MetLife Investment Management LLC acquired a new stake in shares of IGM Biosciences in the 3rd quarter valued at $149,000. 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 last quarter. Finally, Wellington Management Group LLP lifted its stake in IGM Biosciences by 42.6% in the 3rd quarter. Wellington Management Group LLP now owns 98,339 shares of the company's stock valued at $1,627,000 after purchasing an additional 29,374 shares during the last quarter. Institutional investors and hedge funds own 42.79% of the company's stock.

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IGM Biosciences Price Performance

Shares of IGMS traded down $0.10 during trading hours on Friday, reaching $1.27. 198,379 shares of the company's stock traded hands, compared to its average volume of 342,553. The firm has a market capitalization of $75.22 million, a price-to-earnings ratio of -0.35 and a beta of 0.03. The business's fifty day simple moving average is $2.90 and its two-hundred day simple moving average is $9.07. IGM Biosciences has a twelve month low of $1.26 and a twelve month high of $22.50.

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.