IGM Biosciences (NASDAQ:IGMS) Stock Price Down 8.2% – Here’s What Happened

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock price traded down 8.2% during mid-day trading on Thursday . The stock traded as low as $8.49 and last traded at $8.49. 84,740 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 301,280 shares. The stock had previously closed at $9.25.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their target price for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Royal Bank of Canada raised their price objective on shares of IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Stifel Nicolaus raised their price objective on shares of IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. HC Wainwright cut their price objective on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Finally, JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $12.00 to $9.00 in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, IGM Biosciences has an average rating of “Hold” and an average price target of $16.67.

IGM Biosciences Price Performance

The business’s 50-day moving average price is $12.75 and its two-hundred day moving average price is $11.11. The company has a market capitalization of $426.36 million, a price-to-earnings ratio of -1.97 and a beta of 0.08.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings results on Friday, November 8th. The company reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). The business had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.23 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. As a group, research analysts predict that IGM Biosciences, Inc. will post -3.33 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Barclays PLC increased its stake in 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 acquiring an additional 7,027 shares during the last quarter. Geode Capital Management LLC increased its stake in IGM Biosciences by 7.6% in the third quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock valued at $6,548,000 after acquiring an additional 28,118 shares during the last quarter. Wellington Management Group LLP increased its stake in IGM Biosciences by 42.6% in the third quarter. Wellington Management Group LLP now owns 98,339 shares of the company’s stock valued at $1,627,000 after acquiring an additional 29,374 shares during the last quarter. State Street Corp grew its stake in shares of IGM Biosciences by 2.7% during the third quarter. State Street Corp now owns 469,790 shares of the company’s stock worth $7,770,000 after buying an additional 12,174 shares during the last quarter. Finally, MetLife Investment Management LLC bought a new stake in shares of IGM Biosciences during the third quarter worth $149,000. 42.79% of the stock is owned by institutional investors.

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.