IGM Biosciences (NASDAQ:IGMS) Downgraded to “Underweight” at JPMorgan Chase & Co.

by · The Cerbat Gem

JPMorgan Chase & Co. cut shares of IGM Biosciences (NASDAQ:IGMS – Free Report) from a neutral rating to an underweight rating in a research report released on Tuesday, Marketbeat reports. The brokerage currently has $9.00 target price on the stock, down from their previous target price of $12.00.

Several other brokerages have also commented on IGMS. Wedbush reissued an outperform rating and set a $25.00 price target (up previously from $20.00) on shares of IGM Biosciences in a research note on Wednesday, August 14th. HC Wainwright decreased their target price on IGM Biosciences from $12.00 to $11.00 and set a neutral rating on the stock in a research report on Thursday, September 5th. Royal Bank of Canada restated an outperform rating and issued a $20.00 price target on shares of IGM Biosciences in a research report on Thursday, August 15th. Finally, Truist Financial lowered shares of IGM Biosciences from a buy rating to a hold rating and decreased their price objective for the stock from $24.00 to $12.00 in a research report on Tuesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Hold and an average price target of $14.67.

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IGM Biosciences Stock Performance

IGM Biosciences stock opened at $15.41 on Tuesday. The company has a market cap of $909.56 million, a P/E ratio of -3.58 and a beta of 0.21. IGM Biosciences has a one year low of $3.81 and a one year high of $22.50. The business has a fifty day moving average of $11.83 and a two-hundred day moving average of $9.85.

IGM Biosciences (NASDAQ:IGMS – Get Free Report) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.97). The company had revenue of $1.25 million during the quarter, compared to analyst estimates of $51.75 million. IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. Sell-side analysts predict that IGM Biosciences will post -3.13 EPS for the current year.

Insiders Place Their Bets

In other news, Director Julie Hambleton sold 15,132 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total value of $211,848.00. Following the completion of the transaction, the director now owns 2,000 shares of the company’s stock, valued at $28,000. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $11.54, for a total value of $45,536.84. Following the completion of the sale, the chief executive officer now owns 250,124 shares in the company, valued at $2,886,430.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Julie Hambleton sold 15,132 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $14.00, for a total transaction of $211,848.00. Following the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $28,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,034 shares of company stock valued at $279,957 in the last ninety days. Insiders own 57.00% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

Institutional investors have recently bought and sold shares of the stock. Quest Partners LLC raised its stake in IGM Biosciences by 71.4% during the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after purchasing an additional 4,961 shares during the period. AQR Capital Management LLC purchased a new position in shares of IGM Biosciences in the 2nd quarter worth $84,000. EntryPoint Capital LLC acquired a new position in IGM Biosciences in the first quarter valued at $152,000. XTX Topco Ltd grew its position in IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after acquiring an additional 8,467 shares during the period. Finally, Rhumbline Advisers increased its stake in IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after acquiring an additional 2,635 shares during the last quarter. 42.79% of the stock is currently owned by hedge funds and other institutional investors.

About IGM Biosciences

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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.

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