IGM Biosciences downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright downgraded IGM Biosciences to Neutral from Buy with a price target of $7, down from $11. The company shut down clinical development in oncology outside aplitabart in colorectal cancer and trimmed its workforce, the analyst tells investors in a research note. The firm downgraded IGM after taking these changes into account and raising its forecasted terminal growth rate to 2% because it does not include risk-adjusted revenues for the autoimmune programs in its valuation.