IGM Biosciences (NASDAQ:IGMS) Stock Rating Upgraded by Wall Street Zen

Wall Street Zen upgraded shares of IGM Biosciences (NASDAQ:IGMS - Free Report) from a sell rating to a hold rating in a research note published on Friday morning.

IGM Biosciences Stock Performance

Shares of NASDAQ IGMS remained flat at $1.26 during trading hours on Friday. The company had a trading volume of 86,471 shares, compared to its average volume of 312,518. The business's fifty day simple moving average is $1.22 and its 200-day simple moving average is $3.19. The stock has a market capitalization of $75.32 million, a price-to-earnings ratio of -0.35 and a beta of 0.61. IGM Biosciences has a 1 year low of $0.92 and a 1 year high of $22.50.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $0.50 million during 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%. Equities analysts anticipate that IGM Biosciences will post -3.35 EPS for the current fiscal year.

Institutional Investors Weigh In On IGM Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the business. Sanofi acquired a new position in IGM Biosciences in the 4th quarter valued at about $8,792,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of 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 during the period. Geode Capital Management LLC increased its stake in IGM Biosciences by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 409,133 shares of the company's stock valued at $2,501,000 after buying an additional 13,334 shares during the period. Renaissance Technologies LLC raised its position in IGM Biosciences by 14.0% during 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 during the last quarter. Finally, China Universal Asset Management Co. Ltd. purchased a new position in IGM Biosciences during the 4th quarter worth $44,000. 42.79% of the stock is 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.