IGM Biosciences (NASDAQ:IGMS) Stock Price Down 1.5% - Here's Why

IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report) shares dropped 1.5% on Monday . The stock traded as low as $1.24 and last traded at $1.30. Approximately 144,991 shares traded hands during trading, a decline of 56% from the average daily volume of 332,538 shares. The stock had previously closed at $1.32.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on IGMS. JPMorgan Chase & Co. raised shares of IGM Biosciences from an "underweight" rating to a "neutral" rating in a research report on Monday, January 13th. Stifel Nicolaus cut IGM Biosciences from a "buy" rating to a "hold" rating and decreased their target price for the stock from $27.00 to $2.50 in a research report on Friday, January 10th. Royal Bank of Canada lowered IGM Biosciences from an "outperform" rating to a "sector perform" rating and dropped their price target for the company from $20.00 to $1.50 in a research report on Friday, January 10th. Wedbush restated a "neutral" rating and set a $3.00 price objective (down from $22.00) on shares of IGM Biosciences in a research report on Friday, January 10th. Finally, Morgan Stanley downgraded IGM Biosciences from an "equal weight" rating to an "underweight" rating and dropped their target price for the company from $12.00 to $2.00 in a report on Friday, January 10th. One investment analyst has rated the stock with a sell rating and nine have given a hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $5.50.

IGM Biosciences Price Performance

The business's 50 day simple moving average is $1.25 and its 200-day simple moving average is $5.34. The stock has a market capitalization of $80.70 million, a P/E ratio of -0.37 and a beta of 0.58.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last released its quarterly earnings data on Thursday, March 6th. The company reported ($0.61) EPS for the quarter, beating analysts' consensus estimates of ($0.74) by $0.13. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. The business had revenue of $0.41 million during the quarter, compared to analysts' expectations of $0.39 million. Research analysts anticipate that IGM Biosciences, Inc. will post -3.35 earnings per share for the current fiscal year.

Institutional Trading of IGM Biosciences

A number of institutional investors have recently made changes to their positions in IGMS. Barclays PLC increased its stake in IGM Biosciences by 48.4% in the 3rd quarter. Barclays PLC now owns 21,554 shares of the company's stock valued at $356,000 after buying an additional 7,027 shares during the last quarter. Geode Capital Management LLC raised its holdings in IGM Biosciences by 7.6% during the third quarter. Geode Capital Management LLC now owns 395,799 shares of the company's stock worth $6,548,000 after acquiring an additional 28,118 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in IGM Biosciences by 6.4% during 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 last quarter. China Universal Asset Management Co. Ltd. acquired a new position in IGM Biosciences during the fourth quarter valued at approximately $44,000. Finally, Two Sigma Investments LP grew its stake in IGM Biosciences by 196.7% in the fourth quarter. Two Sigma Investments LP now owns 107,620 shares of the company's stock valued at $658,000 after purchasing an additional 71,343 shares in the last quarter. Institutional investors own 42.79% of the company's stock.

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.