IGM Biosciences (NASDAQ:IGMS) Stock Rating Lowered by Morgan Stanley

IGM Biosciences (NASDAQ:IGMS - Get Free Report) was downgraded by investment analysts at Morgan Stanley from an "equal weight" rating to an "underweight" rating in a research note issued on Friday, Marketbeat.com reports. They presently have a $2.00 price target on the stock, down from their prior price target of $12.00. Morgan Stanley's target price would indicate a potential downside of 4.31% from the company's previous close.

Other research analysts have also issued research reports about the company. Guggenheim lowered IGM Biosciences from a "buy" rating to a "neutral" rating in a research note on Friday. Royal Bank of Canada lowered IGM Biosciences from an "outperform" rating to a "sector perform" rating and dropped their price target for the stock from $20.00 to $1.50 in a research note on Friday. JPMorgan Chase & Co. lowered shares of IGM Biosciences from a "neutral" rating to an "underweight" rating and dropped their price objective for the stock from $12.00 to $9.00 in a research report on Tuesday, October 1st. Truist Financial cut IGM Biosciences from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $24.00 to $12.00 in a research note on Tuesday, October 1st. Finally, Stifel Nicolaus cut shares of IGM Biosciences from a "buy" rating to a "hold" rating and reduced their target price for the stock from $27.00 to $2.50 in a research report on Friday. Two investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company's stock. Based on data from MarketBeat, IGM Biosciences has a consensus rating of "Hold" and an average target price of $5.50.

IGM Biosciences Stock Down 66.3 %

Shares of IGMS traded down $4.11 during trading hours on Friday, reaching $2.09. 5,793,813 shares of the company traded hands, compared to its average volume of 1,149,459. The stock has a fifty day simple moving average of $8.94 and a 200 day simple moving average of $10.89. IGM Biosciences has a fifty-two week low of $1.87 and a fifty-two week high of $22.50. The stock has a market capitalization of $124.28 million, a PE ratio of -0.57 and a beta of 0.11.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last issued its quarterly earnings results on Friday, November 8th. The company reported ($1.01) EPS for the quarter, missing analysts' consensus estimates of ($0.82) by ($0.19). The firm had revenue of $0.52 million for 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%. Research analysts predict that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Institutional Trading of IGM Biosciences

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