IGM Biosciences (NASDAQ:IGMS) Earns Market Perform Rating from BMO Capital Markets

IGM Biosciences (NASDAQ:IGMS - Get Free Report)'s stock had its "market perform" rating reaffirmed by BMO Capital Markets in a research note issued on Friday, Marketbeat reports. They presently have a $2.00 price objective on the stock, down from their previous price objective of $21.00. BMO Capital Markets' price objective points to a potential downside of 4.31% from the stock's previous close.

IGMS has been the topic of several other reports. Guggenheim lowered their target price on IGM Biosciences from $25.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, October 1st. Truist Financial lowered shares of IGM Biosciences from a "buy" rating to a "hold" rating and lowered their price objective for the company from $24.00 to $12.00 in a research report on Tuesday, October 1st. Stifel Nicolaus boosted their price objective on shares of IGM Biosciences from $25.00 to $27.00 and gave the company a "buy" rating in a research note on Monday, November 11th. JPMorgan Chase & Co. cut shares of IGM Biosciences from a "neutral" rating to an "underweight" rating and reduced their target price for the stock from $12.00 to $9.00 in a research note on Tuesday, October 1st. Finally, Wedbush dropped their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an "outperform" rating on the stock in a research note on Tuesday, October 1st. Two equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to data from MarketBeat.com, IGM Biosciences presently has a consensus rating of "Hold" and a consensus price target of $5.50.

IGM Biosciences Price Performance

Shares of NASDAQ:IGMS traded down $4.11 during trading on Friday, hitting $2.09. 5,793,813 shares of the company were exchanged, compared to its average volume of 1,149,459. The firm's 50 day moving average price is $8.94 and its 200-day moving average price is $10.89. IGM Biosciences has a 12-month low of $1.87 and a 12-month high of $22.50. 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 (NASDAQ:IGMS - Get Free Report) last released 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). IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The firm had revenue of $0.52 million for the quarter, compared to analysts' expectations of $0.23 million. As a group, equities research analysts anticipate that IGM Biosciences will post -3.33 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IGMS. Bank of New York Mellon Corp boosted its stake in shares of IGM Biosciences by 8.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company's stock worth $371,000 after acquiring an additional 4,427 shares in the last quarter. Rhumbline Advisers boosted its position in IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company's stock worth $156,000 after purchasing an additional 2,635 shares in the last quarter. TD Asset Management Inc grew its holdings in IGM Biosciences by 3.4% in the second quarter. TD Asset Management Inc now owns 164,472 shares of the company's stock valued at $1,130,000 after purchasing an additional 5,350 shares during the last quarter. Quest Partners LLC increased its position in shares of IGM Biosciences by 71.4% in the second quarter. Quest Partners LLC now owns 11,913 shares of the company's stock valued at $82,000 after buying an additional 4,961 shares in the last quarter. Finally, Bruce & Co. Inc. raised its stake 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 worth $687,000 after buying an additional 35,000 shares during the last quarter. 42.79% of the stock is currently owned by institutional investors and hedge funds.

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.