IGM Biosciences, Inc. (NASDAQ:IGMS) Receives $5.50 Average Price Target from Analysts

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) have earned a consensus rating of “Reduce” from the ten brokerages that are currently covering the stock, Marketbeat reports. One equities 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 analysts that have covered the stock in the last year is $5.50.

A number of brokerages have recently weighed in on IGMS. JPMorgan Chase & Co. upgraded IGM Biosciences from an “underweight” rating to a “neutral” rating in a research note on Monday, January 13th. Wedbush reiterated a “neutral” rating and set a $3.00 price objective (down previously from $22.00) on shares of IGM Biosciences in a research report on Friday, January 10th. Morgan Stanley cut shares of IGM Biosciences from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $12.00 to $2.00 in a research report on Friday, January 10th. Stifel Nicolaus lowered shares of IGM Biosciences from a “buy” rating to a “hold” rating and lowered their price target for the stock from $27.00 to $2.50 in a research report on Friday, January 10th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $2.00 price objective (down previously from $21.00) on shares of IGM Biosciences in a report on Friday, January 10th.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Two Sigma Investments LP lifted its stake 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 purchasing an additional 71,343 shares during the last quarter. Sanofi acquired a new position in shares of IGM Biosciences during the 4th quarter worth $8,792,000. Cubist Systematic Strategies LLC bought a new stake in shares of IGM Biosciences during the 4th quarter worth $184,000. Susquehanna Fundamental Investments LLC acquired a new stake in IGM Biosciences in the fourth quarter valued at about $222,000. Finally, Renaissance Technologies LLC grew its position 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 acquiring an additional 9,300 shares during the last quarter. 42.79% of the stock is owned by institutional investors.

IGM Biosciences Stock Up 3.7 %

IGM Biosciences stock opened at $1.40 on Friday. IGM Biosciences has a twelve month low of $1.19 and a twelve month high of $22.50. The stock has a market cap of $83.25 million, a P/E ratio of -0.38 and a beta of 0.37. The company’s 50-day moving average price is $2.48 and its two-hundred day moving average price is $8.85.

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.