IGM Biosciences (NASDAQ:IGMS) Raised to Hold at Wall Street Zen

Key Points

• Wall Street Zen has upgraded IGM Biosciences (NASDAQ:IGMS) to a "hold" rating, reflecting a new assessment of the company's stock.
• IGM Biosciences reported earnings of $1.58 per share, significantly beating expectations and indicating strong revenue performance of $143.62 million for the last quarter.
• Institutional investors are showing increasing interest, with several hedge funds acquiring positions in IGM Biosciences, resulting in 42.79% of the stock being held by such investors.

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

IGM Biosciences Price Performance

Shares of IGMS remained flat at $1.27 during mid-day trading on Friday. The stock has a 50-day simple moving average of $1.27 and a two-hundred day simple moving average of $1.27. The company has a market capitalization of $76.57 million, a P/E ratio of -1.41 and a beta of 0.60. IGM Biosciences has a one year low of $0.92 and a one year high of $22.50.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $1.88. The firm had revenue of $143.62 million during the quarter, compared to analysts' expectations of $3.20 million. IGM Biosciences had a negative return on equity of 93.35% and a negative net margin of 36.81%. On average, equities analysts anticipate that IGM Biosciences will post -3.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sanofi acquired a new position in shares of IGM Biosciences during the fourth quarter worth about $8,792,000. Geode Capital Management LLC lifted its stake in shares of IGM Biosciences by 3.4% in the fourth quarter. Geode Capital Management LLC now owns 409,133 shares of the company's stock worth $2,501,000 after acquiring an additional 13,334 shares in the last quarter. AQR Capital Management LLC acquired a new position in shares of IGM Biosciences in the first quarter worth about $275,000. Jane Street Group LLC acquired a new position in shares of IGM Biosciences in the second quarter worth about $203,000. Finally, Two Sigma Investments LP lifted its stake in shares of IGM Biosciences by 196.7% in the fourth quarter. Two Sigma Investments LP now owns 107,620 shares of the company's stock worth $658,000 after acquiring an additional 71,343 shares in the last quarter. Institutional investors and hedge funds 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.