IGM Biosciences (NASDAQ:IGMS) Stock Rating Lowered by Guggenheim

Guggenheim lowered shares of IGM Biosciences (NASDAQ:IGMS - Free Report) from a buy rating to a neutral rating in a research report released on Friday morning, Marketbeat reports.

Several other research firms have also commented on IGMS. BMO Capital Markets reaffirmed a "market perform" rating and set a $2.00 target price (down previously from $21.00) on shares of IGM Biosciences in a report on Friday. Royal Bank of Canada raised their price target on IGM Biosciences from $17.00 to $20.00 and gave the stock an "outperform" rating in a research note on Friday, October 18th. JPMorgan Chase & Co. cut IGM Biosciences from a "neutral" rating to an "underweight" rating and cut their price objective for the company from $12.00 to $9.00 in a research report on Tuesday, October 1st. Truist Financial cut shares of IGM Biosciences from a "buy" rating to a "hold" rating and dropped their target price for the company from $24.00 to $12.00 in a report on Tuesday, October 1st. Finally, Stifel Nicolaus raised their price target on IGM Biosciences from $25.00 to $27.00 and gave the company a "buy" rating in a report on Monday, November 11th. Two equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $5.50.

IGM Biosciences Price Performance

Shares of NASDAQ IGMS traded down $4.11 during mid-day trading on Friday, reaching $2.09. 5,793,813 shares of the company's stock were exchanged, compared to its average volume of 1,149,459. The firm has a 50-day moving average price of $8.94 and a two-hundred day moving average price of $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 has a 52 week low of $1.87 and a 52 week high of $22.50.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last announced its quarterly earnings data on Friday, November 8th. The company reported ($1.01) earnings per share for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The firm had revenue of $0.52 million during 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%. As a group, sell-side analysts forecast that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Hedge Funds Weigh In On IGM Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of IGMS. Renaissance Technologies LLC boosted its stake in IGM Biosciences by 126.0% in the 2nd quarter. Renaissance Technologies LLC now owns 108,693 shares of the company's stock worth $747,000 after purchasing an additional 60,593 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of IGM Biosciences by 51.6% during the 2nd quarter. Marshall Wace LLP now owns 107,267 shares of the company's stock valued at $737,000 after purchasing an additional 36,491 shares in the last quarter. Bruce & Co. Inc. increased its holdings in IGM Biosciences by 53.8% in the second quarter. Bruce & Co. Inc. now owns 100,000 shares of the company's stock valued at $687,000 after buying an additional 35,000 shares in the last quarter. Wellington Management Group LLP boosted its stake 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 worth $1,627,000 after acquiring an additional 29,374 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in IGM Biosciences by 7.6% in the 3rd quarter. Geode Capital Management LLC now owns 395,799 shares of the company's stock worth $6,548,000 after purchasing an additional 28,118 shares during the period. 42.79% of the stock is currently owned by institutional investors.

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.