IGM Biosciences, Inc. (NASDAQ:IGMS) Given Consensus 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 currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation and nine have assigned a hold recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $5.50.

Separately, Wall Street Zen downgraded shares of IGM Biosciences from a "hold" rating to a "sell" rating in a research note on Saturday, June 7th.

Institutional Trading of IGM Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. bought a new position in shares of IGM Biosciences in the first quarter valued at approximately $42,000. Nuveen LLC purchased a new stake in IGM Biosciences in the 1st quarter valued at $52,000. Deutsche Bank AG lifted its stake in IGM Biosciences by 316.6% during the 1st quarter. Deutsche Bank AG now owns 46,773 shares of the company's stock valued at $54,000 after acquiring an additional 35,546 shares in the last quarter. Acadian Asset Management LLC purchased a new position in IGM Biosciences during the 1st quarter worth $97,000. Finally, Eagle Bay Advisors LLC boosted its holdings in IGM Biosciences by 123.2% during the 1st quarter. Eagle Bay Advisors LLC now owns 99,635 shares of the company's stock worth $115,000 after acquiring an additional 55,000 shares during the last quarter. 42.79% of the stock is owned by institutional investors.

IGM Biosciences Price Performance

NASDAQ IGMS traded down $0.14 during mid-day trading on Wednesday, reaching $1.08. 2,429,858 shares of the stock were exchanged, compared to its average volume of 310,422. The stock has a market cap of $64.56 million, a P/E ratio of -0.33 and a beta of 0.52. The stock has a 50 day simple moving average of $1.24 and a 200-day simple moving average of $2.11. IGM Biosciences has a one year low of $0.92 and a one year high of $22.50.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last released its 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). The business had revenue of $0.50 million for the quarter, compared to analyst estimates of $4.25 million. IGM Biosciences had a negative return on equity of 317.97% and a negative net margin of 7,417.79%. Sell-side analysts anticipate that IGM Biosciences will post -3.35 EPS for the current fiscal year.

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.