IGM Biosciences (NASDAQ:IGMS) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of IGM Biosciences (NASDAQ:IGMS) from a hold rating to a buy rating in a research note issued to investors on Tuesday, Zacks.com reports. The brokerage currently has $28.00 price target on the stock.

According to Zacks, “IGM Biosciences Inc. is a biotechnology company. It engages in the research and development of engineered Immunoglobulin M antibodies for the treatment of cancer patients. The company’s lead product candidate is IGM-2323, a bispecific T cell engaging IgM, which are in clinical stage. IGM Biosciences Inc. is based in Mountain View, California. “

A number of other research firms have also issued reports on IGMS. HC Wainwright reiterated a buy rating and issued a $76.00 target price (down previously from $114.00) on shares of IGM Biosciences in a research note on Thursday, December 16th. Stifel Nicolaus reduced their target price on IGM Biosciences from $98.00 to $65.00 and set a buy rating on the stock in a report on Monday, December 13th. Royal Bank of Canada downgraded IGM Biosciences from an outperform rating to a sector perform rating and reduced their target price for the stock from $90.00 to $51.00 in a report on Monday, December 13th. Wedbush cut their price target on IGM Biosciences from $82.00 to $67.00 and set an outperform rating on the stock in a report on Monday, December 13th. Finally, Morgan Stanley reissued an equal weight rating and issued a $38.00 price target (down previously from $100.00) on shares of IGM Biosciences in a report on Tuesday, December 14th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Buy and a consensus target price of $69.00.

Shares of NASDAQ:IGMS opened at $21.88 on Tuesday. IGM Biosciences has a 52-week low of $20.03 and a 52-week high of $127.11. The stock’s fifty day simple moving average is $40.89 and its 200-day simple moving average is $60.65. The company has a market capitalization of $710.27 million, a P/E ratio of -5.18 and a beta of -1.39.

IGM Biosciences (NASDAQ:IGMS) last released its earnings results on Thursday, November 4th. The company reported ($1.32) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.33) by $0.01. Sell-side analysts forecast that IGM Biosciences will post -4.88 EPS for the current year.

In related news, insider Bruce Keyt sold 1,326 shares of the business’s stock in a transaction dated Tuesday, November 2nd. The stock was sold at an average price of $51.37, for a total transaction of $68,116.62. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 61.92% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of IGM Biosciences by 10.6% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,986,071 shares of the company’s stock worth $165,241,000 after acquiring an additional 189,760 shares in the last quarter. Artal Group S.A. lifted its stake in shares of IGM Biosciences by 22.7% in the 3rd quarter. Artal Group S.A. now owns 1,350,000 shares of the company’s stock valued at $88,776,000 after purchasing an additional 250,000 shares during the period. Woodline Partners LP lifted its stake in shares of IGM Biosciences by 73.1% in the 2nd quarter. Woodline Partners LP now owns 745,393 shares of the company’s stock valued at $62,017,000 after purchasing an additional 314,710 shares during the period. BlackRock Inc. increased its position in shares of IGM Biosciences by 1.3% in the 3rd quarter. BlackRock Inc. now owns 640,737 shares of the company’s stock valued at $42,134,000 after buying an additional 7,936 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of IGM Biosciences by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 409,803 shares of the company’s stock valued at $34,096,000 after buying an additional 5,702 shares in the last quarter. Institutional investors own 56.02% of the company’s stock.

IGM Biosciences Company Profile

IGM Biosciences, Inc, a biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of multiple diseases. Its lead product candidate is IGM-2323, a bispecific IgM antibody that is in Phase 1 clinical trials to treat patients with relapsed/refractory B cell Non-Hodgkin's lymphoma (NHL).

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