IGM Biosciences (NASDAQ:IGMS) Shares Up 5.9% - What's Next?

IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report)'s stock price traded up 5.9% on Monday . The company traded as high as $1.26 and last traded at $1.26. 172,814 shares traded hands during trading, a decline of 49% from the average session volume of 341,337 shares. The stock had previously closed at $1.19.

Analyst Upgrades and Downgrades

IGMS has been the topic of several analyst reports. Stifel Nicolaus cut shares of IGM Biosciences from a "buy" rating to a "hold" rating and cut their price target for the stock from $27.00 to $2.50 in a research report on Friday, January 10th. Morgan Stanley lowered IGM Biosciences from an "equal weight" rating to an "underweight" rating and dropped their target price for the stock from $12.00 to $2.00 in a report on Friday, January 10th. Wedbush restated a "neutral" rating and issued a $3.00 price target (down from $22.00) on shares of IGM Biosciences in a research note on Friday, January 10th. JPMorgan Chase & Co. upgraded IGM Biosciences from an "underweight" rating to a "neutral" rating in a research note on Monday, January 13th. Finally, Guggenheim cut shares of IGM Biosciences from a "buy" rating to a "neutral" rating in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating and nine have given a hold rating to the stock. According to MarketBeat, IGM Biosciences presently has a consensus rating of "Hold" and an average target price of $5.50.

IGM Biosciences Price Performance

The business's fifty day moving average price is $1.41 and its 200 day moving average price is $7.92. The stock has a market cap of $74.12 million, a P/E ratio of -0.34 and a beta of 0.37.

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IGM Biosciences (NASDAQ:IGMS - Get Free Report) last announced its quarterly earnings results on Thursday, March 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.74) by $0.13. The business had revenue of $0.41 million for the quarter, compared to analyst estimates of $0.39 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. On average, analysts predict that IGM Biosciences, Inc. will post -3.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of IGMS. The Manufacturers Life Insurance Company raised its holdings in IGM Biosciences by 8.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company's stock worth $1,234,000 after purchasing an additional 5,683 shares in the last quarter. Barclays PLC boosted its position in IGM Biosciences by 48.4% in 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. China Universal Asset Management Co. Ltd. bought a new stake in shares of IGM Biosciences during the 4th quarter valued at $44,000. MetLife Investment Management LLC purchased a new position in shares of IGM Biosciences during the 3rd quarter valued at $149,000. Finally, Renaissance Technologies LLC boosted its position in shares of IGM Biosciences by 14.0% during the fourth quarter. Renaissance Technologies LLC now owns 75,800 shares of the company's stock worth $463,000 after acquiring an additional 9,300 shares during the last quarter. 42.79% of the stock is owned by institutional investors.

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.