IGM Biosciences (NASDAQ:IGMS) Stock Price Up 5.9% – What’s Next?

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock price traded up 5.9% on Monday . The stock traded as high as $1.26 and last traded at $1.26. 172,814 shares were traded during mid-day trading, a decline of 49% from the average session volume of 341,337 shares. The stock had previously closed at $1.19.

Wall Street Analysts Forecast Growth

IGMS has been the topic of a number of recent research reports. BMO Capital Markets restated a “market perform” rating and set a $2.00 price target (down from $21.00) on shares of IGM Biosciences in a research report on Friday, January 10th. Guggenheim lowered IGM Biosciences from a “buy” rating to a “neutral” rating in a research report on Friday, January 10th. 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 lowered IGM Biosciences from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $12.00 to $2.00 in a research note on Friday, January 10th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $2.00 target price (down from $48.00) on shares of IGM Biosciences in a report on Friday, January 10th. One analyst has rated the stock with a sell rating and nine have assigned a hold rating to the stock. According to MarketBeat, IGM Biosciences currently has a consensus rating of “Hold” and a consensus target price of $5.50.

IGM Biosciences Stock Performance

The stock has a market capitalization of $73.52 million, a price-to-earnings ratio of -0.34 and a beta of 0.37. The business has a 50-day moving average of $1.44 and a 200-day moving average of $8.02.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings data on Thursday, March 6th. The company reported ($0.61) EPS for the quarter, topping the consensus estimate of ($0.74) by $0.13. The firm had revenue of $0.41 million for the quarter, compared to analyst estimates of $0.39 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. Equities analysts predict that IGM Biosciences, Inc. will post -3.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IGM Biosciences

Several institutional investors have recently bought and sold shares of IGMS. Barclays PLC grew its holdings in shares of IGM Biosciences by 48.4% in the third quarter. Barclays PLC now owns 21,554 shares of the company’s stock valued at $356,000 after purchasing an additional 7,027 shares in the last quarter. Geode Capital Management LLC boosted its position in IGM Biosciences by 7.6% in the 3rd quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock valued at $6,548,000 after buying an additional 28,118 shares during the period. State Street Corp grew its stake in shares of IGM Biosciences by 2.7% in the third quarter. State Street Corp now owns 469,790 shares of the company’s stock worth $7,770,000 after acquiring an additional 12,174 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of IGM Biosciences by 12.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 148,402 shares of the company’s stock worth $2,455,000 after acquiring an additional 16,072 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in shares of IGM Biosciences by 8.2% in the third quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company’s stock valued at $1,234,000 after acquiring an additional 5,683 shares in the last quarter. 42.79% of the stock is owned by institutional investors and hedge funds.

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.