Morgan Stanley Maintains IGM Biosciences (IGMS) Equal-Weight Recommendation

Fintel reports that on August 7, 2023, Morgan Stanley maintained coverage of IGM Biosciences (NASDAQ:IGMS) with a Equal-Weight recommendation.

Analyst Price Forecast Suggests 301.39% Upside

As of August 2, 2023, the average one-year price target for IGM Biosciences is 32.23. The forecasts range from a low of 17.17 to a high of $51.45. The average price target represents an increase of 301.39% from its latest reported closing price of 8.03.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for IGM Biosciences is 6MM, an increase of 234.73%. The projected annual non-GAAP EPS is -5.86.

What is the Fund Sentiment?

There are 248 funds or institutions reporting positions in IGM Biosciences. This is a decrease of 1 owner(s) or 0.40% in the last quarter. Average portfolio weight of all funds dedicated to IGMS is 0.05%, a decrease of 24.98%. Total shares owned by institutions decreased in the last three months by 0.59% to 19,249K shares. The put/call ratio of IGMS is 0.40, indicating a bullish outlook.

What are Other Shareholders Doing?

Redmile Group holds 3,334K shares representing 5.71% ownership of the company. No change in the last quarter.

Baker Bros. Advisors holds 3,157K shares representing 5.41% ownership of the company. In it's prior filing, the firm reported owning 3,156K shares, representing an increase of 0.02%. The firm decreased its portfolio allocation in IGMS by 26.81% over the last quarter.

Artal Group holds 2,510K shares representing 4.30% ownership of the company. In it's prior filing, the firm reported owning 2,450K shares, representing an increase of 2.39%. The firm decreased its portfolio allocation in IGMS by 11.90% over the last quarter.

Price T Rowe Associates holds 2,121K shares representing 3.63% ownership of the company. In it's prior filing, the firm reported owning 2,206K shares, representing a decrease of 4.03%. The firm decreased its portfolio allocation in IGMS by 27.74% over the last quarter.

PRNHX - T. Rowe Price New Horizons Fund holds 1,204K shares representing 2.06% ownership of the company. In it's prior filing, the firm reported owning 1,205K shares, representing a decrease of 0.07%. The firm decreased its portfolio allocation in IGMS by 23.72% over the last quarter.

IGM Biosciences Background Information
(This description is provided by the company.)

Headquartered in Mountain View, California, IGM Biosciences is a clinical-stage biotechnology company focused on creating and developing engineered IgM antibodies. Since 2010, IGM Biosciences has worked to overcome the manufacturing and protein engineering hurdles that have limited the therapeutic use of IgM antibodies. Through its efforts, IGM Biosciences has created a proprietary IgM technology platform for the development of IgM antibodies for those clinical indications where their inherent properties may provide advantages as compared to IgG antibodies.

Additional reading:

• IGM BIOSCIENCES, Inc. Amended and restated Change in Control and Severance Policy (Adopted on August 7, 2019, Amended and Restated on April 24, 2023)
• IGM Biosciences Announces Second Quarter 2023 Financial Results – Continued progress in clinical development across portfolio – – Public equity offering and concurrent private placement with gross proceeds of $120.0 million –
• IGMS / IGM Biosciences Inc / Haldor Topsoe Holding A/S - EX-99.1 JOINT FILING AGREEMENT
• IGM BIOSCIENCES, INC. AMENDED AND RESTATED 2018 OMNIBUS INCENTIVE PLAN (as amended and restated effective June 23, 2023)
• COMMON STOCK PURCHASE AGREEMENT

This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.