IGM Biosciences price target lowered to $20 from $25 at Guggenheim

Guggenheim 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 update to focus its development efforts entirely on autoimmunity, which includes discontinuation of aplitabart in second-line mCRC and prioritization of imvotamab and IGM-2644 for autoimmune indications. While the aplitabart discontinuation is “clearly a setback,” the firm doesn’t think the asset was “central to the investment thesis of the story and was a high-risk program,” adding that it views the pipeline update as “the right move and a net positive.”