IGM Biosciences (NASDAQ:IGMS) Rating Lowered to "Sell" at Wall Street Zen

IGM Biosciences (NASDAQ:IGMS - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday.

IGM Biosciences Stock Up 6.5%

Shares of IGMS opened at $1.32 on Friday. The firm has a market cap of $78.90 million, a PE ratio of -0.36 and a beta of 0.61. The company's fifty day moving average is $1.22 and its two-hundred day moving average is $3.05. IGM Biosciences has a fifty-two week low of $0.92 and a fifty-two week high of $22.50.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last posted its earnings results on Tuesday, May 13th. The company reported ($0.86) earnings per share 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 net margin of 7,534.03% and a negative return on equity of 155.42%. As a group, equities research analysts anticipate that IGM Biosciences will post -3.35 earnings per share for the current year.

Hedge Funds Weigh In On IGM Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sanofi acquired a new position in shares of IGM Biosciences during the 4th quarter valued at $8,792,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of IGM Biosciences by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 157,843 shares of the company's stock valued at $964,000 after acquiring an additional 9,441 shares in the last quarter. Geode Capital Management LLC lifted its holdings in IGM Biosciences by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 409,133 shares of the company's stock worth $2,501,000 after buying an additional 13,334 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in IGM Biosciences by 14.0% in the 4th quarter. Renaissance Technologies LLC now owns 75,800 shares of the company's stock worth $463,000 after buying an additional 9,300 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in IGM Biosciences in the 4th quarter worth $222,000. Institutional investors and hedge funds own 42.79% of the company's stock.

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.

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