IGM Biosciences, Inc. (NASDAQ:IGMS) Receives Consensus Recommendation of “Reduce” from Brokerages

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

Separately, Wall Street Zen cut shares of IGM Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, June 7th.

IGM Biosciences Trading Up 0.8%

Shares of NASDAQ IGMS opened at $1.28 on Friday. The stock has a market cap of $76.52 million, a price-to-earnings ratio of -0.39 and a beta of 0.48. The company has a 50 day simple moving average of $1.25 and a two-hundred day simple moving average of $1.54. IGM Biosciences has a 12 month low of $0.92 and a 12 month high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($0.86) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.45). IGM Biosciences had a negative return on equity of 317.97% and a negative net margin of 7,417.79%. The company had revenue of $0.50 million during the quarter, compared to analysts’ expectations of $4.25 million. Analysts forecast that IGM Biosciences will post -3.35 EPS for the current year.

Hedge Funds Weigh In On IGM Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sanofi acquired a new position in shares of IGM Biosciences in the 4th quarter valued at approximately $8,792,000. Geode Capital Management LLC raised its position in shares of IGM Biosciences by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 409,133 shares of the company’s stock valued at $2,501,000 after purchasing an additional 13,334 shares in the last quarter. AQR Capital Management LLC acquired a new position in shares of IGM Biosciences in the 1st quarter valued at approximately $275,000. Charles Schwab Investment Management Inc. raised its position in shares of IGM Biosciences by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 157,843 shares of the company’s stock valued at $964,000 after acquiring an additional 9,441 shares in the last quarter. Finally, Two Sigma Investments LP raised its position in shares of IGM Biosciences by 196.7% during the 4th quarter. Two Sigma Investments LP now owns 107,620 shares of the company’s stock valued at $658,000 after acquiring an additional 71,343 shares in the last quarter. 42.79% of the stock is owned by institutional investors and hedge funds.

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.