BofA lowered the firm’s price target on IGM Biosciences to $20 from $25 and keeps a Buy rating on the shares after the company announced a strategic restructuring, including a workforce reduction of 22% and reprioritization of clinical programs and halting all hematological oncology programs. BofA thinks the prioritization should effectively extend the cash runway through key data readouts, including data from aplitabart due in 2024 and into Q2 of 2026, but it removed platform value from its model to reflect the cessation of the earlier stage programs and the limited value being given to technology platforms by the market.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on IGMS:
- IGM Biosciences Announces Strategic Pipeline Prioritization and Cash Runway Extension
- IGM Biosciences price target lowered to $11 from $17 at H.C. Wainwright
- IGM Biosciences price target lowered to $16 from $19 at Wedbush
- IGM Biosciences price target lowered to $25 from $26 at Stifel
- IGM Biosciences price target lowered to $8 from $11 at RBC Capital