IGM Biosciences price target lowered to $16 from $19 at Wedbush

Wedbush lowered the firm’s price target on IGM Biosciences to $16 from $19 and keeps an Outperform rating on the shares following quarterly results. While the firm awaits initial clinical insight, it remains encouraged by imvotamab’s safety and activity in r/r NHL patients, and notes preclinical data demonstrating more potent B cell depletion in NHP tissues compared to rituximab, potentially attributable to greater CD20 binding affinity. Wedbush continues to believe that IGM’ platform has unique capability in the construction of IgM-based therapies, which have broad potential in oncology and immune-mediated disease.