Truist analyst Asthika Goonewardene downgraded IGM Biosciences to Hold from Buy with a price target of $12, down from $24. IGM is now solely focused on autoimmune diseases and while the firm thinks the opportunity is considerably larger than its abandoned oncology efforts, data for T cell engagers, or TCEs, in autoimmune diseases is “still very nascent,” and physicians the firm has spoken to so far mostly have low expectations for the addressable patient population, the analyst tells investors. The firm likes the new CEO and IGM’s leading position among TCEs, but prefers to await more signals on mechanistic viability and physician interest from the sideline.
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