IGM Biosciences, Inc. (NASDAQ:IGMS) Given Average Recommendation of "Reduce" by Brokerages

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report) have earned a consensus rating of "Reduce" from the ten research firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating and nine have assigned a hold rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $5.50.

Separately, Wall Street Zen upgraded shares of IGM Biosciences to a "hold" rating in a report on Saturday.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IGMS. Geode Capital Management LLC increased its holdings in shares of IGM Biosciences by 3.4% during the 4th quarter. Geode Capital Management LLC now owns 409,133 shares of the company's stock worth $2,501,000 after purchasing an additional 13,334 shares during the period. Renaissance Technologies LLC increased its holdings in shares of IGM Biosciences by 14.0% during the 4th quarter. Renaissance Technologies LLC now owns 75,800 shares of the company's stock worth $463,000 after purchasing an additional 9,300 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in shares of IGM Biosciences during the 4th quarter worth about $222,000. Cubist Systematic Strategies LLC bought a new position in shares of IGM Biosciences during the 4th quarter worth about $184,000. Finally, Sanofi bought a new position in shares of IGM Biosciences during the 4th quarter worth about $8,792,000. Institutional investors own 42.79% of the company's stock.

IGM Biosciences Price Performance

Shares of IGM Biosciences stock remained flat at $1.27 during midday trading on Thursday. The company has a market cap of $76.57 million, a P/E ratio of -1.41 and a beta of 0.60. The firm's 50-day moving average is $1.27 and its two-hundred day moving average is $1.27. IGM Biosciences has a twelve month low of $0.92 and a twelve month high of $22.50.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of ($0.30) by $1.88. The business had revenue of $143.62 million for the quarter, compared to the consensus estimate of $3.20 million. IGM Biosciences had a negative net margin of 36.81% and a negative return on equity of 93.35%. Sell-side analysts forecast that IGM Biosciences will post -3.35 earnings per share 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.