IGM Biosciences downgraded to Underweight from Neutral at JPMorgan

JPMorgan analyst Eric Joseph downgraded IGM Biosciences to Underweight from Neutral with a price target of $9, down from $12. IGM announced a pipeline prioritization, with the company now focused on I&I candidates imvotamab and IGM-2644, and discontinuing its oncology asset aplitabart after an internal interim read of the second-line metastatic renal cell carcinoma trial, the analyst tells investors in a research note. The firm says much of the C-suite was also turned over with the pipeline update. From the de-prioritization of aplitabart, JPMorgan now sees a “much more diminished upside catalyst outlook” for IGM over the mid-term. The firm sees an unfavorable risk/reward profile for shares at current levels.