BMO Capital Downgrades IGM Biosciences (IGMS) to Market Perform

BMO Capital analyst Etzer Darout downgraded IGM Biosciences (NASDAQ: IGMS) from Outperform to Market Perform with a price target of $2.00 (from $21.00).

The analyst comments: "We're downgrading IGMS to Market Perform from Outperform following the company's announced strategic update which includes discontinuing imvotamab (CD20 X CD3 T cell engager [TCE]) and IGM-2644 (CD38 X CD3 TCE) in autoimmune diseases. Management noted data from Phase 1b studies evaluating imvotamab in patients with rheumatoid arthritis (RA) and systemic lupus erythematosus (SLE) showed insufficient B cell depletion. The update was surprising to us based on the mechanistic rationale of the TCE-CD20 approach but speaks to the unpredictability of T cell mediated approaches in cancer and autoimmune disease."

For an analyst ratings summary and ratings history on IGM Biosciences click here. For more ratings news on IGM Biosciences click here.

Shares of IGM Biosciences closed at $6.20 yesterday.

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