BMO Capital Markets Reiterates Market Perform Rating for IGM Biosciences (NASDAQ:IGMS)

BMO Capital Markets reiterated their market perform rating on shares of IGM Biosciences (NASDAQ:IGMS) in a research report released on Friday morning, Marketbeat reports. BMO Capital Markets currently has a $2.00 price objective on the stock, down from their previous price objective of $21.00.

IGMS has been the topic of a number of other research reports. JPMorgan Chase & Co. lowered IGM Biosciences from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $12.00 to $9.00 in a report on Tuesday, October 1st. Guggenheim cut their price objective on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Stifel Nicolaus boosted their target price on shares of IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Royal Bank of Canada increased their price target on shares of IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Finally, Wedbush decreased their price objective on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a report on Tuesday, October 1st. Two equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, IGM Biosciences currently has an average rating of “Hold” and an average price target of $5.50.

IGM Biosciences Stock Down 66.3 %

Shares of IGMS opened at $2.09 on Friday. IGM Biosciences has a fifty-two week low of $1.87 and a fifty-two week high of $22.50. The company has a market cap of $124.28 million, a P/E ratio of -0.57 and a beta of 0.11. The firm’s 50 day moving average price is $8.94 and its 200 day moving average price is $10.89.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data on Friday, November 8th. The company reported ($1.01) earnings per share (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 company had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.23 million. Research analysts forecast that IGM Biosciences will post -3.33 earnings per share for the current year.

Institutional Investors Weigh In On IGM Biosciences

Large investors have recently bought and sold shares of the stock. State Street Corp lifted its position 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 acquiring an additional 12,174 shares in the last quarter. Geode Capital Management LLC raised its stake in IGM Biosciences by 7.6% in the 3rd 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. TD Asset Management Inc lifted its holdings in IGM Biosciences by 3.4% in the 2nd 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 in the last quarter. 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 purchasing an additional 16,072 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of IGM Biosciences by 126.0% during 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 in the last quarter. Institutional investors and hedge funds own 42.79% of the company’s stock.

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.