IGM Biosciences (NASDAQ:IGMS - Get Free Report) had its price target cut by research analysts at Truist Financial from $12.00 to $2.00 in a report released on Friday,Benzinga reports. The firm currently has a "hold" rating on the stock. Truist Financial's price objective suggests a potential downside of 4.31% from the company's current price.
Other equities analysts have also issued reports about the company. Stifel Nicolaus lowered IGM Biosciences from a "buy" rating to a "hold" rating and decreased their price target for the company from $27.00 to $2.50 in a research note on Friday. JPMorgan Chase & Co. lowered IGM Biosciences from a "neutral" rating to an "underweight" rating and decreased their price target for the company from $12.00 to $9.00 in a research note on Tuesday, October 1st. Royal Bank of Canada lowered IGM Biosciences from an "outperform" rating to a "sector perform" rating and decreased their price target for the company from $20.00 to $1.50 in a research note on Friday. Morgan Stanley lowered IGM Biosciences from an "equal weight" rating to an "underweight" rating and decreased their price target for the company from $12.00 to $2.00 in a research note on Friday. Finally, Wedbush reissued a "neutral" rating and set a $3.00 price objective (down from $22.00) on shares of IGM Biosciences in a research note on Friday. Two investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $5.50.
Read Our Latest Research Report on IGMS
IGM Biosciences Price Performance
IGMS stock traded down $4.11 on Friday, reaching $2.09. The company's stock had a trading volume of 5,793,813 shares, compared to its average volume of 1,149,459. IGM Biosciences has a 52 week low of $1.87 and a 52 week high of $22.50. The company has a market capitalization of $124.28 million, a P/E ratio of -0.57 and a beta of 0.11. The firm has a fifty day moving average of $9.22 and a two-hundred day moving average of $10.93.
IGM Biosciences (NASDAQ:IGMS - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.23 million. As a group, equities analysts expect that IGM Biosciences will post -3.33 EPS for the current fiscal year.
Institutional Trading of IGM Biosciences
Several hedge funds and other institutional investors have recently modified their holdings of IGMS. Renaissance Technologies LLC boosted its position in shares of IGM Biosciences by 126.0% in the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company's stock worth $747,000 after buying an additional 60,593 shares during the period. Marshall Wace LLP boosted its position in shares of IGM Biosciences by 51.6% in the second quarter. Marshall Wace LLP now owns 107,267 shares of the company's stock worth $737,000 after buying an additional 36,491 shares during the period. Bruce & Co. Inc. boosted its position in shares of IGM Biosciences by 53.8% in the second 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 period. Wellington Management Group LLP raised its holdings in shares of IGM Biosciences by 42.6% during the third 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 shares of 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 in the last quarter. Institutional investors and hedge funds own 42.79% of the company's stock.
IGM Biosciences Company Profile
(
Get Free Report)
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.
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