IGM Biosciences price target lowered to $26 from $49 at Stifel

Stifel analyst Stephen Willey lowered the firm’s price target on IGM Biosciences to $26 from $49 and keeps a Buy rating on the shares. It has been a “challenging stretch” for the stock and the limited incremental data points through the year will likely keep the stock range-bound in the near term, the analyst tells investors. The current valuation, however, does not reflect the competitive differentiation of both pipeline and platform. The target price reduction reflects extended aplitabart commercialization timelines, removal of imvotamab sales estimates, and revised financing assumptions, Stifel says.