IGM Biosciences (NASDAQ:IGMS) Releases Quarterly Earnings Results, Beats Estimates By $1.88 EPS

Key Points

• IGM Biosciences reported earnings of $1.58 per share for the quarter, significantly beating analysts' expectations of ($0.30) by $1.88, with revenue of $143.62 million compared to a consensus estimate of $3.20 million.
• The company's stock is currently trading around $1.31, with a 52-week range between $0.92 and $22.50.
• Wall Street analysts have downgraded IGM Biosciences's stock from a "hold" to a "sell" rating, and the consensus price target is set at $5.50.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) posted its quarterly earnings data on Thursday. The company reported $1.58 EPS for the quarter, topping analysts' consensus estimates of ($0.30) by $1.88, Zacks reports. The firm had revenue of $143.62 million for the quarter, compared to analyst estimates of $3.20 million. IGM Biosciences had a negative return on equity of 93.35% and a negative net margin of 36.81%.

IGM Biosciences Price Performance

IGM Biosciences stock traded down $0.01 during mid-day trading on Tuesday, reaching $1.30. The company had a trading volume of 488,397 shares, compared to its average volume of 468,949. IGM Biosciences has a 1 year low of $0.92 and a 1 year high of $22.50. The company has a market capitalization of $77.86 million, a P/E ratio of -1.44 and a beta of 0.60. The stock's 50-day simple moving average is $1.27 and its 200-day simple moving average is $1.30.

Hedge Funds Weigh In On IGM Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the business. Invesco Ltd. acquired a new stake in IGM Biosciences during the first quarter valued at approximately $42,000. Acadian Asset Management LLC acquired a new stake in IGM Biosciences during the first quarter valued at approximately $97,000. Finally, AQR Capital Management LLC acquired a new stake in IGM Biosciences during the first quarter valued at approximately $275,000. Institutional investors and hedge funds own 42.79% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut IGM Biosciences from a "hold" rating to a "sell" rating in a research report on Saturday, June 7th. Two investment analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. Based on data from MarketBeat, IGM Biosciences currently has an average rating of "Hold" and an average price target of $5.50.

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.