IGM Biosciences price target lowered to $17 from $20 at RBC Capital

RBC Capital analyst Brian Abrahams lowered the firm’s price target on IGM Biosciences to $17 from $20 but keeps an Outperform rating on the shares. The discontinuation of aplitabart is “disappointing”, but the company’s evolution into a pure-play autoimmune company with T-cell engagers should streamline the investment story, focus on areas of highest promise and investor interest, and preserve capital, the analyst tells investors in a research note. RBC adds however that with the stock dipping in the post-market, the firm would be a buyer headinginto key upcoming autoimmune data from imvotamab.