IGM Biosciences (NASDAQ:IGMS) Stock Rating Lowered by Zacks Investment Research
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. “
Several other research firms have also issued reports on IGMS. Piper Jaffray Companies increased their price objective on shares of IGM Biosciences from $26.00 to $53.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Jefferies Financial Group started coverage on shares of IGM Biosciences in a report on Monday, October 14th. They issued a “buy” rating and a $25.00 price target for the company. Guggenheim started coverage on shares of IGM Biosciences in a report on Monday, October 14th. They issued a “buy” rating and a $30.00 price target for the company. Finally, Stifel Nicolaus started coverage on shares of IGM Biosciences in a report on Monday, October 14th. They issued a “buy” rating and a $32.00 price target for the company. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. IGM Biosciences presently has an average rating of “Buy” and an average target price of $35.40.
IGM Biosciences (NASDAQ:IGMS) last released its earnings results on Thursday, November 7th. The company reported ($2.41) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.09) by ($1.32). Analysts expect that IGM Biosciences will post -3.61 EPS for the current year.
In other IGM Biosciences news, Director M Kathleen Behrens purchased 20,000 shares of IGM Biosciences stock in a transaction on Monday, December 9th. The stock was bought at an average price of $24.87 per share, for a total transaction of $497,400.00. Following the transaction, the director now owns 62,500 shares of the company’s stock, valued at approximately $1,554,375. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Dean Capital Investments Management LLC bought a new stake in shares of IGM Biosciences during the 3rd quarter worth about $438,000. Redmile Group LLC bought a new position in shares of IGM Biosciences in the third quarter valued at approximately $55,806,000. Finally, Millennium Management LLC bought a new position in shares of IGM Biosciences in the third quarter valued at approximately $4,504,000. Hedge funds and other institutional investors own 34.78% of the company’s stock.
About IGM Biosciences
IGM Biosciences, Inc, a biotechnology company, engages in the research and development of engineered Immunoglobulin M (IgM) antibodies for the treatment of cancer patients. The company's lead product candidate is IGM-2323, a bispecific T cell engaging IgM antibody that completed preclinical trials for targeting CD20 and CD3 proteins for the treatment of relapsed/refractory B cell Non-Hodgkin's lymphoma.
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