IGM Biosciences (IGMS) PT Lowered to $46 at Baird

Baird analyst Joel Beatty lowered the price target on IGM Biosciences (NASDAQ: IGMS) to $46.00 (from $65.00) while maintaining an Outperform rating.

The analyst commented, "We view IGM Bio's IgM platform as uniquely differentiated among biotech companies, with the potential to generate superior antibody therapeutics due to greater binding power and other attributes. We're somewhat cautious on the likelihood of favorable clinical data coming in the near term, at least until the end of 2022, if not beyond. However, longer term, we view the additional shots on goal and longer cash runway provided the recent collaboration with Sanofi as promising."

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