IGM Biosciences, Inc. (NASDAQ:IGMS) Receives $17.75 Consensus Target Price from Analysts

IGM Biosciences, Inc. (NASDAQ:IGMS) has received a consensus recommendation of “Reduce” from the ten brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating and nine have given a hold rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $5.50.

Several brokerages recently weighed in on IGMS. Royal Bank of Canada lowered IGM Biosciences from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $20.00 to $1.50 in a report on Friday. JPMorgan Chase & Co. raised shares of IGM Biosciences from an “underweight” rating to a “neutral” rating in a research report on Monday. Jefferies Financial Group reaffirmed a “hold” rating and issued a $2.00 price objective (down from $48.00) on shares of IGM Biosciences in a report on Friday. Truist Financial lowered their target price on shares of IGM Biosciences from $12.00 to $2.00 and set a “hold” rating on the stock in a report on Friday. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $2.00 price target (down from $21.00) on shares of IGM Biosciences in a report on Friday.

Institutional Investors Weigh In On IGM Biosciences

Large investors have recently added to or reduced their stakes in the business. Quest Partners LLC raised its holdings in shares of IGM Biosciences by 71.4% in the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after acquiring an additional 4,961 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of IGM Biosciences in the second quarter worth approximately $84,000. XTX Topco Ltd raised its stake in IGM Biosciences by 70.9% in the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after purchasing an additional 8,467 shares in the last quarter. MetLife Investment Management LLC bought a new stake in IGM Biosciences during the third quarter valued at approximately $149,000. Finally, Rhumbline Advisers grew its stake in IGM Biosciences by 13.1% in the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after buying an additional 2,635 shares in the last quarter. Institutional investors own 42.79% of the company’s stock.

IGM Biosciences Stock Down 15.3 %

Shares of IGM Biosciences stock opened at $1.77 on Thursday. IGM Biosciences has a 52 week low of $1.77 and a 52 week high of $22.50. The business has a 50 day moving average price of $8.66 and a 200-day moving average price of $10.92. The company has a market cap of $105.25 million, a PE ratio of -0.49 and a beta of 0.11.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings data on Friday, November 8th. The company reported ($1.01) earnings per share for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The company had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.23 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. As a group, research analysts anticipate that IGM Biosciences will post -3.33 EPS for the current year.

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.