Analysts at HC Wainwright started coverage on shares of IGM Biosciences (NASDAQ:IGMS) in a note issued to investors on Wednesday, The Fly reports. The brokerage set a “buy” rating and a $88.00 price target on the stock. HC Wainwright’s price objective suggests a potential upside of 29.53% from the stock’s previous close.
Several other equities analysts have also weighed in on the stock. SunTrust Banks started coverage on shares of IGM Biosciences in a research report on Thursday, May 28th. They issued a “buy” rating and a $86.00 price objective on the stock. Zacks Investment Research lowered shares of IGM Biosciences from a “hold” rating to a “sell” rating in a research report on Wednesday, March 11th. Piper Sandler increased their price objective on shares of IGM Biosciences from $53.00 to $81.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Wolfe Research started coverage on shares of IGM Biosciences in a research report on Thursday, March 12th. They issued an “outperform” rating on the stock. Finally, ValuEngine raised shares of IGM Biosciences from a “hold” rating to a “buy” rating in a research report on Thursday, April 2nd. One research analyst has rated the stock with a sell rating and ten have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $61.88.
Shares of IGMS stock opened at $67.94 on Wednesday. The stock has a market cap of $2.08 billion and a P/E ratio of -14.15. The company has a debt-to-equity ratio of 0.05, a current ratio of 28.17 and a quick ratio of 28.17. The company has a fifty day moving average price of $62.73 and a two-hundred day moving average price of $50.53. IGM Biosciences has a one year low of $16.10 and a one year high of $80.55.
IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.58) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.03). As a group, equities research analysts anticipate that IGM Biosciences will post -2.71 EPS for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE bought a new position in IGM Biosciences in the 4th quarter valued at about $29,000. Citigroup Inc. acquired a new stake in shares of IGM Biosciences in the 4th quarter valued at approximately $38,000. Victory Capital Management Inc. acquired a new stake in shares of IGM Biosciences in the 4th quarter valued at approximately $42,000. Exane Derivatives acquired a new stake in shares of IGM Biosciences in the 1st quarter valued at approximately $92,000. Finally, SG Americas Securities LLC acquired a new stake in shares of IGM Biosciences in the 1st quarter valued at approximately $106,000. 43.30% of the stock is currently owned by hedge funds and other institutional investors.
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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