On Oct 02, major Wall Street analysts update their ratings for $IGM Biosciences (IGMS.US)$, with price targets ranging from $9 to $25.
J.P. Morgan analyst Eric Joseph downgrades to a sell rating, and adjusts the target price from $12 to $9.
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.
Wedbush analyst Robert Driscoll maintains with a buy rating, and adjusts the target price from $25 to $22.
Furthermore, according to the comprehensive report, the opinions of $IGM Biosciences (IGMS.US)$'s main analysts recently are as follows:
IGM Biosciences has announced a shift in focus towards its I&I candidates, imvotamab and IGM-2644, while discontinuing its oncology asset aplitabart following an interim review of a study for second-line metastatic renal cell carcinoma. This strategic move comes alongside significant changes in the company's executive team concurrent with the pipeline update. The recent de-prioritization of aplitabart has led to expectations of a reduced potential for significant positive catalysts for IGM in the mid-term, resulting in an assessment that the stock currently presents an unfavorable risk/reward profile.
IGM Biosciences has announced the halting of aplitabart development, choosing to concentrate solely on autoimmune indications. This strategic shift follows the full enrollment of a randomized trial that combines aplitabart with FOLFIRI and bevacizumab in second-line metastatic colorectal cancer earlier in the year. Analysts continue to endorse the potential of bispecific T cell engagers for the treatment of B cell-driven autoimmune diseases and suggest that IgM bispecifics may offer advantages in safety and efficacy over IgG-based therapies. Consequently, aplitabart has been removed from projections, and expectations are now set for imvotamab in systemic lupus erythematosus due to the redirection of resources and focus.
Following IGM Biosciences' strategic update to concentrate solely on autoimmunity, including the ceasing of aplitabart in second-line mCRC and the prioritization of imvotamab and IGM-2644 for autoimmune indications, it's acknowledged that the discontinuation of aplitabart represents a notable challenge. However, the asset was not deemed pivotal to the core investment narrative and was recognized as a high-risk program. The pipeline update is considered an appropriate course of action and is seen as an overall positive development.
The cessation of aplitabart has been met with disappointment, yet the transition of the company into a concentrated autoimmune entity specializing in T-cell engagers is likely to clarify the investment narrative, concentrate on the most promising areas, and conserve resources. It's noted that following a decline in the stock's post-market performance, a buying opportunity is perceived in anticipation of forthcoming significant autoimmune data concerning imvotamab.
Here are the latest investment ratings and price targets for $IGM Biosciences (IGMS.US)$ from 4 analysts:
Note:
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