Wall Street Zen Upgrades IGM Biosciences (NASDAQ:IGMS) to Hold

IGM Biosciences (NASDAQ:IGMS) was upgraded by equities researchers at Wall Street Zen to a “hold” rating in a research report issued on Saturday.

IGM Biosciences Price Performance

Shares of IGMS stock opened at $1.27 on Friday. The stock has a 50-day simple moving average of $1.27 and a 200 day simple moving average of $1.28. IGM Biosciences has a fifty-two week low of $0.92 and a fifty-two week high of $22.50. The stock has a market capitalization of $76.57 million, a P/E ratio of -1.41 and a beta of 0.60.

IGM Biosciences (NASDAQ:IGMS) last announced its earnings results on Thursday, July 31st. The company reported $1.58 earnings per share for the quarter, beating the consensus estimate of ($0.30) by $1.88. IGM Biosciences had a negative return on equity of 93.35% and a negative net margin of 36.81%. The business had revenue of $143.62 million during the quarter, compared to analysts’ expectations of $3.20 million. On average, sell-side analysts anticipate that IGM Biosciences will post -3.35 earnings per share for the current year.

Institutional Investors Weigh In On IGM Biosciences

Several hedge funds have recently modified their holdings of IGMS. XTX Topco Ltd acquired a new position in shares of IGM Biosciences in the 2nd quarter valued at $30,000. Invesco Ltd. acquired a new position in shares of IGM Biosciences in the 1st quarter valued at $42,000. Marshall Wace LLP acquired a new position in shares of IGM Biosciences in the 2nd quarter valued at $50,000. Nuveen LLC acquired a new position in shares of IGM Biosciences in the 1st quarter valued at $52,000. Finally, Deutsche Bank AG boosted its position in shares of IGM Biosciences by 316.6% in the 1st quarter. Deutsche Bank AG now owns 46,773 shares of the company’s stock valued at $54,000 after purchasing an additional 35,546 shares during the period. 42.79% of the stock is owned by hedge funds and other institutional investors.

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.