On Oct 01, major Wall Street analysts update their ratings for $IGM Biosciences (IGMS.US)$, with price targets ranging from $9 to $48.
J.P. Morgan analyst Eric Joseph downgrades to a sell rating, and adjusts the target price from $12 to $9.
Jefferies analyst Roger Song maintains with a buy rating, and maintains the target price at $48.
Guggenheim analyst Michael Schmidt maintains with a buy rating, and sets the target price at $20.
Stifel analyst Stephen Willey maintains with a buy rating, and maintains the target price at $25.
RBC Capital analyst Brian Abrahams maintains with a buy rating, and adjusts the target price from $20 to $17.
Furthermore, according to the comprehensive report, the opinions of $IGM Biosciences (IGMS.US)$'s main analysts recently are as follows:
IGM Biosciences announced a shift in their pipeline focus, emphasizing their I&I candidates imvotamab and IGM-2644 while discontinuing the oncology asset aplitabart following an interim evaluation of a study for second-line metastatic renal cell carcinoma. Concurrent with this pipeline update, there was a significant turnover among the company's executive leadership. This alteration in strategy has led to a perceived reduction in potential catalysts for IGM's stock value in the mid-term, resulting in a view of an unfavorable risk/reward scenario at the current share price.
IGM Biosciences has decided to halt the advancement of aplitabart in oncology to pivot its attention towards autoimmune diseases exclusively. This strategic shift follows data from a recent trial in combination with FOLFIRI and bevacizumab for second-line metastatic colorectal cancer, which reached full enrollment earlier. Analysts maintain a positive outlook on bispecific T cell engagers for B cell-mediated autoimmune conditions and suggest that IgM bispecifics could offer superior safety and efficacy compared to IgG counterparts. Consequently, forecasts have been adjusted to exclude aplitabart, while incorporating projections for imvotamab in systemic lupus erythematosus due to the redirection of resources and focus.
Following IGM Biosciences' strategic shift to concentrate solely on autoimmune diseases, including halting the development of aplitabart in second-line mCRC and advancing imvotamab and IGM-2644 for autoimmune conditions, analysts perceive the discontinuation of aplitabart as a disappointment. However, it is not considered essential to the core investment narrative as it was deemed a high-risk initiative. The pipeline's recent realignment is seen positively and as a proper strategic decision.
The halting of aplitabart has been seen as a setback, yet IGM Biosciences' transition towards a dedicated autoimmune entity with a focus on T-cell engagers is expected to clarify their investment narrative, concentrate on the most promising sectors, and conserve resources. Despite a drop in the stock's post-market performance, it is perceived as an opportunity to invest before the release of significant autoimmune data related to imvotamab.
Here are the latest investment ratings and price targets for $IGM Biosciences (IGMS.US)$ from 6 analysts:
Note:
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