IGM Biosciences (NASDAQ:IGMS) Lowered to Sector Perform Rating by Royal Bank of Canada

IGM Biosciences (NASDAQ:IGMS - Get Free Report) was downgraded by research analysts at Royal Bank of Canada from an "outperform" rating to a "sector perform" rating in a note issued to investors on Friday, Marketbeat.com reports. They currently have a $1.50 price objective on the stock, down from their prior price objective of $20.00. Royal Bank of Canada's target price points to a potential downside of 28.23% from the company's previous close.

Several other research firms have also recently weighed in on IGMS. JPMorgan Chase & Co. cut shares of IGM Biosciences from a "neutral" rating to an "underweight" rating and dropped their price target for the company from $12.00 to $9.00 in a research note on Tuesday, October 1st. Guggenheim lowered IGM Biosciences from a "buy" rating to a "neutral" rating in a research report on Friday. Wedbush reduced their target price on IGM Biosciences from $25.00 to $22.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 1st. Stifel Nicolaus increased their price target on IGM Biosciences from $25.00 to $27.00 and gave the stock a "buy" rating in a report on Monday, November 11th. Finally, BMO Capital Markets reissued a "market perform" rating and set a $2.00 price objective (down from $21.00) on shares of IGM Biosciences in a research report 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 data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $5.50.

IGM Biosciences Trading Down 66.3 %

NASDAQ IGMS traded down $4.11 on Friday, reaching $2.09. 5,793,813 shares of the company were exchanged, compared to its average volume of 1,149,459. The business's fifty day moving average price is $8.94 and its 200 day moving average price is $10.89. The stock has a market capitalization of $124.28 million, a P/E ratio of -0.57 and a beta of 0.11. IGM Biosciences has a fifty-two week low of $1.87 and a fifty-two week high of $22.50.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last announced its quarterly earnings results 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). IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. The firm had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.23 million. Equities research analysts forecast that IGM Biosciences will post -3.33 earnings per share for the current year.

Hedge Funds Weigh In On IGM Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the stock. MetLife Investment Management LLC purchased a new position in IGM Biosciences in the third quarter valued at $149,000. Quest Partners LLC boosted its position in shares of 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 acquiring an additional 4,961 shares in the last quarter. AQR Capital Management LLC purchased a new position in shares of IGM Biosciences in the 2nd quarter valued at about $84,000. XTX Topco Ltd raised its position in shares of 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 acquiring an additional 8,467 shares in the last quarter. Finally, Barclays PLC lifted its stake in IGM Biosciences by 48.4% during the third 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 last quarter. 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.