Wall Street Zen Upgrades IGM Biosciences (NASDAQ:IGMS) to Hold

IGM Biosciences (NASDAQ:IGMS - Get Free Report) was upgraded by equities researchers at Wall Street Zen to a "hold" rating in a research report issued on Saturday.Get IGM Biosciences alerts:IGM Biosciences Price PerformanceShares of IGMS stock opened at $1.27 on Friday. The stock has a 50-day simple moving average of $1.27 and a 200 day simple moving average of $1.28. IGM Biosciences has a fifty-two week low of $0.92 and a fifty-two week high of $22.50. The stock has a market capitalization of $76.57 million, a P/E ratio of -1.41 and a beta of 0.60. IGM Biosciences (NASDAQ:IGMS - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $1.58 earnings per share for the quarter, beating the consensus estimate of ($0.30) by $1.88. IGM Biosciences had a negative return on equity of 93.35% and a negative net margin of 36.81%. The business had revenue of $143.62 million during the quarter, compared to analysts' expectations of $3.20 million. On average, sell-side analysts anticipate that IGM Biosciences will post -3.35 earnings per share for the current year. Institutional Investors Weigh In On IGM BiosciencesSeveral hedge funds have recently modified their holdings of IGMS. XTX Topco Ltd acquired a new position in shares of IGM Biosciences in the 2nd quarter valued at $30,000. Invesco Ltd. acquired a new position in shares of IGM Biosciences in the 1st quarter valued at $42,000. Marshall Wace LLP acquired a new position in shares of IGM Biosciences in the 2nd quarter valued at $50,000. Nuveen LLC acquired a new position in shares of IGM Biosciences in the 1st quarter valued at $52,000. Finally, Deutsche Bank AG boosted its position in shares of IGM Biosciences by 316.6% in the 1st quarter. Deutsche Bank AG now owns 46,773 shares of the company's stock valued at $54,000 after purchasing an additional 35,546 shares during the period. 42.79% of the stock is owned by hedge funds and other institutional investors. IGM Biosciences Company Profile (Get Free Report)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.Read MoreFive stocks we like better than IGM BiosciencesRide Out The Recession With These Dividend Kings 3 Restaurant Stocks That Will Outperform in Q3 and Q4How to trade penny stocks: A step-by-step guideThe Midstream Energy Play That Keeps Powering HigherAre Penny Stocks a Good Fit for Your Portfolio?Ethereum Near All-Time High: 3 Stocks Stacking ETH in TreasuriesThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in IGM Biosciences Right Now?Before you consider IGM Biosciences, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and IGM Biosciences wasn't on the list.While IGM Biosciences currently has a Reduce rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here