IGM Biosciences (NASDAQ:IGMS) Upgraded by JPMorgan Chase & Co. to Neutral Rating

JPMorgan Chase & Co. upgraded shares of IGM Biosciences (NASDAQ:IGMS - Free Report) from an underweight rating to a neutral rating in a research note released on Monday morning,Benzinga reports.

Several other research analysts have also issued reports on the stock. Royal Bank of Canada lowered shares of 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 report on Friday. Truist Financial cut their target price on IGM Biosciences from $12.00 to $2.00 and set a "hold" rating for the company in a research report on Friday. Stifel Nicolaus cut IGM Biosciences from a "buy" rating to a "hold" rating and lowered their price target for the company from $27.00 to $2.50 in a research report on Friday. Guggenheim cut IGM Biosciences from a "buy" rating to a "neutral" rating in a report on Friday. Finally, BMO Capital Markets reaffirmed a "market perform" rating and issued a $2.00 target price (down previously from $21.00) on shares of IGM Biosciences in a report on Friday. One investment analyst has rated the stock with a sell rating and nine have issued a hold rating to the stock. Based on data from MarketBeat, IGM Biosciences presently has an average rating of "Hold" and an average price target of $5.50.

IGM Biosciences Stock Performance

Shares of NASDAQ:IGMS traded down $0.32 during trading on Monday, hitting $1.77. 1,584,811 shares of the stock were exchanged, compared to its average volume of 1,213,536. The company has a market capitalization of $105.25 million, a price-to-earnings ratio of -0.49 and a beta of 0.11. IGM Biosciences has a 1-year low of $1.77 and a 1-year high of $22.50. The company's fifty day simple moving average is $8.66 and its 200-day simple moving average is $10.92.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last posted its quarterly earnings results on Friday, November 8th. The company reported ($1.01) earnings per share 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 for the quarter, compared to analyst estimates of $0.23 million. On average, research analysts forecast that IGM Biosciences will post -3.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IGM Biosciences

Several large investors have recently made changes to their positions in the company. Barclays PLC raised its position in shares of IGM Biosciences by 48.4% during the 3rd quarter. Barclays PLC now owns 21,554 shares of the company's stock valued at $356,000 after acquiring an additional 7,027 shares during the last quarter. 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 purchasing an additional 28,118 shares during the last quarter. Wellington Management Group LLP lifted its stake in IGM Biosciences by 42.6% in the third 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 period. State Street Corp boosted its holdings in IGM Biosciences by 2.7% during the third quarter. State Street Corp now owns 469,790 shares of the company's stock worth $7,770,000 after buying an additional 12,174 shares during the last quarter. Finally, MetLife Investment Management LLC acquired a new position in shares of IGM Biosciences during the 3rd quarter worth about $149,000. Institutional investors and hedge funds own 42.79% of the company's stock.

About IGM Biosciences

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.