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

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

Analysts Set New Price Targets

Several brokerages have recently weighed in on IGMS. Stifel Nicolaus cut shares of IGM Biosciences from a "buy" rating to a "hold" rating and lowered their price target for the stock from $27.00 to $2.50 in a research report on Friday, January 10th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $2.00 price target (down previously from $48.00) on shares of IGM Biosciences in a research report on Friday, January 10th. Guggenheim cut shares of IGM Biosciences from a "buy" rating to a "neutral" rating in a research report on Friday, January 10th. Wedbush reaffirmed a "neutral" rating and issued a $3.00 price target (down previously from $22.00) on shares of IGM Biosciences in a research report on Friday, January 10th. Finally, Royal Bank of Canada cut shares of IGM Biosciences from an "outperform" rating to a "sector perform" rating and decreased their target price for the company from $20.00 to $1.50 in a research report on Friday, January 10th. One research analyst has rated the stock with a sell rating and nine have given a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $5.50.

IGM Biosciences Stock Down 3.2 %

The business has a 50-day moving average price of $1.25 and a 200-day moving average price of $5.54. The firm has a market capitalization of $80.10 million, a PE ratio of -0.37 and a beta of 0.58.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Barclays PLC lifted its stake in IGM Biosciences by 48.4% during the third quarter. Barclays PLC now owns 21,554 shares of the company's stock worth $356,000 after purchasing an additional 7,027 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in IGM Biosciences during the fourth quarter worth $44,000. Renaissance Technologies LLC lifted its stake in IGM Biosciences by 14.0% during the fourth quarter. Renaissance Technologies LLC now owns 75,800 shares of the company's stock worth $463,000 after purchasing an additional 9,300 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake 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 worth $964,000 after purchasing an additional 9,441 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in IGM Biosciences by 3.4% during the fourth 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 in the last quarter. 42.79% of the stock is currently owned by hedge funds and other institutional investors.

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.