IGM Biosciences price target lowered to $22 from $25 at Wedbush

Wedbush analyst Robert Driscoll lowered the firm’s price target on IGM Biosciences to $22 from $25 and keeps an Outperform rating on the shares. The firm notes IGM announced pausing of the aplitabart development to focus exclusively on autoimmune indications. The decision is based on emerging data from a randomized trial of aplitabart plus FOLFIRI and bevacizumab in 2L mCRC, which completed enrollment earlier this year. Wedbush continues to believe bispecific TCEs are a highly attractive modality for B cell-driven autoimmune diseases, and that IgM bispecifics may hold differentiated safety and efficacy vs IgG agents. It removes aplitabart from its model, and adds credit for imvotamab in SLE, given the re-allocation of capital and focus.