IGM Biosciences, Inc. (NASDAQ:IGMS) Receives $5.50 Consensus PT from Analysts

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) have earned an average recommendation of “Reduce” from the ten ratings firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating and nine have assigned a hold rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $5.50.

Separately, Wall Street Zen lowered shares of IGM Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, June 7th.

IGM Biosciences Price Performance

NASDAQ IGMS opened at $1.27 on Friday. IGM Biosciences has a 1-year low of $0.92 and a 1-year high of $22.50. The company has a market capitalization of $75.92 million, a P/E ratio of -0.39 and a beta of 0.48. The business has a 50 day moving average price of $1.26 and a 200 day moving average price of $1.36.

IGM Biosciences (NASDAQ:IGMS) last released 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). IGM Biosciences had a negative net margin of 7,417.79% and a negative return on equity of 317.97%. The firm had revenue of $0.50 million during the quarter, compared to analysts’ expectations of $4.25 million. On average, research analysts expect that IGM Biosciences will post -3.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IGM Biosciences

Hedge funds have recently bought and sold shares of the stock. Sanofi purchased a new position in IGM Biosciences during the fourth quarter worth $8,792,000. Two Sigma Investments LP increased its position in IGM Biosciences by 196.7% during the fourth quarter. Two Sigma Investments LP now owns 107,620 shares of the company’s stock worth $658,000 after buying an additional 71,343 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position 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 buying an additional 9,441 shares in the last quarter. Geode Capital Management LLC increased its position 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 buying an additional 13,334 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position 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 buying an additional 9,300 shares in the last quarter. Hedge funds and other institutional investors 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.