IGM Biosciences (NASDAQ:IGMS) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen cut shares of IGM Biosciences (NASDAQ:IGMS) from a hold rating to a sell rating in a research report released on Saturday morning.

IGM Biosciences Price Performance

Shares of IGMS stock opened at $1.29 on Friday. The firm has a market cap of $77.11 million, a price-to-earnings ratio of -0.35 and a beta of 0.52. The stock’s fifty day simple moving average is $1.22 and its 200 day simple moving average is $2.91. IGM Biosciences has a one year low of $0.92 and a one year high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($0.86) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.45). The firm had revenue of $0.50 million for the quarter, compared to analyst estimates of $4.25 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. On average, research analysts anticipate that IGM Biosciences will post -3.35 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Invesco Ltd. acquired a new stake in shares of IGM Biosciences in the first quarter valued at approximately $42,000. Nuveen LLC acquired a new stake in IGM Biosciences during the 1st quarter worth approximately $52,000. Deutsche Bank AG lifted its holdings in IGM Biosciences by 316.6% during the 1st quarter. Deutsche Bank AG now owns 46,773 shares of the company’s stock worth $54,000 after purchasing an additional 35,546 shares during the last quarter. Acadian Asset Management LLC bought a new position in IGM Biosciences during the 1st quarter worth $97,000. Finally, Eagle Bay Advisors LLC increased its stake in IGM Biosciences by 123.2% during the 1st quarter. Eagle Bay Advisors LLC now owns 99,635 shares of the company’s stock worth $115,000 after acquiring an additional 55,000 shares during the period. 42.79% of the stock is currently owned by institutional investors.

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.