Wall Street Zen Upgrades IGM Biosciences (NASDAQ:IGMS) to "Hold"

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 report published on Saturday morning.

IGM Biosciences Stock Performance

IGM Biosciences stock remained flat at $1.27 during midday trading on Friday. The stock has a market cap of $76.57 million, a P/E ratio of -1.41 and a beta of 0.60. The firm's 50 day moving average price is $1.27 and its 200 day moving average price is $1.27. 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 Thursday, July 31st. The company reported $1.58 EPS for the quarter, topping analysts' consensus estimates 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%. Equities research analysts predict that IGM Biosciences will post -3.35 earnings per share for the current fiscal year.

Institutional Trading of IGM Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd purchased a new stake in IGM Biosciences during the 2nd quarter worth about $30,000. Invesco Ltd. purchased a new stake in IGM Biosciences during the 1st quarter worth about $42,000. Marshall Wace LLP purchased a new stake in IGM Biosciences during the 2nd quarter worth about $50,000. Nuveen LLC purchased a new stake in IGM Biosciences during the 1st quarter worth about $52,000. Finally, Deutsche Bank AG boosted its stake in IGM Biosciences by 316.6% in the 1st quarter. Deutsche Bank AG now owns 46,773 shares of the company's stock worth $54,000 after buying an additional 35,546 shares during the last quarter. Hedge funds and other 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.