IGM Biosciences upgraded to Outperform from Sector Perform at RBC Capital

RBC Capital upgraded IGM Biosciences to Outperform from Sector Perform with a price target of $21, up from $9. The concept of B-cell depletion to durably treat autoimmune disorders has generated considerable excitement following evidence of curative potential for CAR-T in lupus, and RBC’s deep dive into preclinical and clinical data for imvotamab and other agents suggests that the company’s pivot into I&I for the CD20xCD3 bispecific is “wise”, the analyst tells investors in a research note. RBC adds that it expects the data in the second half of this year for imvotamab in lupus and RA, and from others in the field this year, to further de-risk the approach, estimating a $1B or more in long-term opportunity for IGM Biosciences.