IGM Biosciences price target lowered to $25 from $26 at Stifel

Stifel analyst Stephen Willey lowered the firm’s price target on IGM Biosciences to $25 from $26 and keeps a Buy rating on the shares. While imvotamab development efforts have now pivoted exclusively to autoimmune disease, the firm believes the ongoing aplitabart development experience is “now poised to strengthen the utilization case for IgM-based antibodies in another historically difficult drug development application.” The firm continues to believe implied risk/reward is attractive ahead of “a catalyst-rich FY24,” the analyst added.