IGM Biosciences (NASDAQ:IGMS) Lowered to Hold Rating by Stifel Nicolaus

Stifel Nicolaus cut shares of IGM Biosciences (NASDAQ:IGMS - Free Report) from a buy rating to a hold rating in a research note released on Friday, Marketbeat reports. Stifel Nicolaus currently has $2.50 target price on the stock, down from their previous target price of $27.00.

Several other brokerages also recently weighed in on IGMS. Royal Bank of Canada downgraded shares of IGM Biosciences from an "outperform" rating to a "sector perform" rating and decreased their target price for the stock from $20.00 to $1.50 in a research note on Friday. BMO Capital Markets reiterated a "market perform" rating and issued a $2.00 target price (down from $21.00) on shares of IGM Biosciences in a research note on Friday. Truist Financial cut IGM Biosciences from a "buy" rating to a "hold" rating and cut their price target for the stock from $24.00 to $12.00 in a research note on Tuesday, October 1st. JPMorgan Chase & Co. downgraded IGM Biosciences from a "neutral" rating to an "underweight" rating and decreased their price target for the stock from $12.00 to $9.00 in a report on Tuesday, October 1st. Finally, Wedbush dropped their price objective 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 analysts have rated the stock with a sell rating and eight have issued a hold rating to the company's stock. According to MarketBeat, IGM Biosciences has a consensus rating of "Hold" and an average price target of $5.50.

IGM Biosciences Stock Performance

NASDAQ IGMS traded down $4.11 on Friday, reaching $2.09. The stock had a trading volume of 5,793,813 shares, compared to its average volume of 1,149,459. The stock has a market cap of $124.28 million, a P/E ratio of -0.57 and a beta of 0.11. IGM Biosciences has a 12-month low of $1.87 and a 12-month high of $22.50. The business's 50-day moving average price is $8.94 and its 200 day moving average price is $10.89.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last released its quarterly earnings results on Friday, November 8th. The company reported ($1.01) EPS 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 business had revenue of $0.52 million during the quarter, compared to analysts' expectations of $0.23 million. On average, sell-side analysts predict that IGM Biosciences will post -3.33 earnings per share for the current year.

Hedge Funds Weigh In On IGM Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in IGMS. State Street Corp lifted its stake in shares of IGM Biosciences by 2.7% in the third quarter. State Street Corp now owns 469,790 shares of the company's stock valued at $7,770,000 after purchasing an additional 12,174 shares during the period. Geode Capital Management LLC increased its holdings in IGM Biosciences by 7.6% in the third quarter. Geode Capital Management LLC now owns 395,799 shares of the company's stock valued at $6,548,000 after buying an additional 28,118 shares in the last quarter. TD Asset Management Inc lifted its position in shares of IGM Biosciences by 3.4% during the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company's stock valued at $1,130,000 after acquiring an additional 5,350 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of IGM Biosciences by 12.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 148,402 shares of the company's stock worth $2,455,000 after acquiring an additional 16,072 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of IGM Biosciences by 126.0% during the 2nd quarter. Renaissance Technologies LLC now owns 108,693 shares of the company's stock worth $747,000 after acquiring an additional 60,593 shares in the last quarter. 42.79% of the stock is 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.