IGM Biosciences (NASDAQ:IGMS) Upgraded to Hold at 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 report released on Friday.

IGM Biosciences Stock Performance

Shares of NASDAQ:IGMS traded down $0.05 during mid-day trading on Friday, hitting $1.28. 365,535 shares of the company traded hands, compared to its average volume of 313,744. The firm has a market cap of $76.51 million, a P/E ratio of -0.35 and a beta of 0.61. IGM Biosciences has a 52-week low of $0.92 and a 52-week high of $22.50. The firm's 50 day simple moving average is $1.22 and its 200 day simple moving average is $3.29.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($0.86) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.45). IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. The firm had revenue of $0.50 million during the quarter, compared to analyst estimates of $4.25 million. Equities research analysts expect that IGM Biosciences will post -3.35 EPS for the current fiscal year.

Hedge Funds Weigh In On IGM Biosciences

A number of institutional investors have recently added to or reduced their stakes in IGMS. China Universal Asset Management Co. Ltd. acquired a new stake in shares of IGM Biosciences during the fourth quarter valued at about $44,000. Renaissance Technologies LLC boosted its holdings in IGM Biosciences by 14.0% in the fourth quarter. Renaissance Technologies LLC now owns 75,800 shares of the company's stock valued at $463,000 after purchasing an additional 9,300 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in 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 purchasing an additional 9,441 shares in the last quarter. Geode Capital Management LLC increased its holdings in IGM Biosciences by 3.4% during the 4th 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 during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of IGM Biosciences in the 4th quarter valued at approximately $184,000. 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.