Brokerages Set IGM Biosciences, Inc. (NASDAQ:IGMS) PT at $5.50

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) have been given an average rating of “Reduce” by the ten ratings firms that are currently covering the firm, MarketBeat.com reports. One 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 ratings on the stock in the last year is $5.50.

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

Institutional Investors Weigh In On IGM Biosciences

A number of institutional investors have recently bought and sold shares of the stock. China Universal Asset Management Co. Ltd. purchased a new stake in IGM Biosciences in the fourth quarter valued at approximately $44,000. Renaissance Technologies LLC grew its holdings in IGM Biosciences by 14.0% in the fourth quarter. Renaissance Technologies LLC now owns 75,800 shares of the company’s stock valued at $463,000 after purchasing an additional 9,300 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in IGM Biosciences by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 157,843 shares of the company’s stock valued at $964,000 after purchasing an additional 9,441 shares during the period. Geode Capital Management LLC grew its holdings in IGM Biosciences by 3.4% in the fourth 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 during the period. Finally, Cubist Systematic Strategies LLC purchased a new stake in IGM Biosciences in the fourth quarter valued at approximately $184,000. 42.79% of the stock is currently owned by hedge funds and other institutional investors.

IGM Biosciences Trading Up 6.5%

Shares of IGMS opened at $1.32 on Friday. The stock has a market cap of $78.90 million, a P/E ratio of -0.36 and a beta of 0.61. The company has a 50-day moving average of $1.22 and a two-hundred day moving average of $3.05. 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 analysts’ consensus estimates of ($0.41) by ($0.45). The firm had revenue of $0.50 million for the quarter, compared to analysts’ expectations of $4.25 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. As a group, analysts forecast that IGM Biosciences will post -3.35 EPS for the current fiscal 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.