IGM Biosciences (NASDAQ:IGMS) Given New $2.00 Price Target at Truist Financial

IGM Biosciences (NASDAQ:IGMS) had its price target cut by Truist Financial from $12.00 to $2.00 in a research note published on Friday morning,Benzinga reports. They currently have a hold rating on the stock.

Several other analysts also recently issued reports on IGMS. Wedbush restated a “neutral” rating and set a $3.00 price objective (down previously from $22.00) on shares of IGM Biosciences in a report on Friday. Stifel Nicolaus downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and reduced their price target for the company from $27.00 to $2.50 in a research report on Friday. BMO Capital Markets reaffirmed a “market perform” rating and issued a $2.00 price objective (down previously from $21.00) on shares of IGM Biosciences in a research note on Friday. Morgan Stanley downgraded shares of IGM Biosciences from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $12.00 to $2.00 in a research note on Friday. Finally, JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $12.00 to $9.00 in a research report on Tuesday, October 1st. Two investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $5.50.

IGM Biosciences Stock Down 66.3 %

NASDAQ:IGMS opened at $2.09 on Friday. IGM Biosciences has a 52-week low of $1.87 and a 52-week high of $22.50. The firm has a market cap of $124.28 million, a P/E ratio of -0.57 and a beta of 0.11. 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) last released its earnings results on Friday, November 8th. The company reported ($1.01) EPS for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). The business had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. Sell-side analysts expect that IGM Biosciences will post -3.33 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of IGMS. Bank of New York Mellon Corp lifted its holdings in shares of IGM Biosciences by 8.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock valued at $371,000 after buying an additional 4,427 shares during the last quarter. Rhumbline Advisers lifted its stake in IGM Biosciences by 13.1% in the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after acquiring an additional 2,635 shares during the last quarter. TD Asset Management Inc grew its position in IGM Biosciences by 3.4% in the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock worth $1,130,000 after acquiring an additional 5,350 shares in the last quarter. Quest Partners LLC increased its stake in shares of IGM Biosciences by 71.4% during the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after purchasing an additional 4,961 shares during the last quarter. Finally, Bruce & Co. Inc. raised its holdings in shares of IGM Biosciences by 53.8% during the 2nd quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock valued at $687,000 after purchasing an additional 35,000 shares in the last quarter. 42.79% of the stock is owned by institutional investors and hedge funds.

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.