NGM Biopharmaceuticals initiated with a Buy at Citi

Citi analyst Samantha Semenkow initiated coverage of NGM Biopharmaceuticals with a Buy rating and $6 price target. NGM is a clinical-staged biotech focused primarily on developing several novel immune oncology assets for solid tumors, the analyst tells investors in a research note. With multiple myeloid checkpoint and oncology assets in the clinic, NGM has "multiple shots on goal," says the firm. It says the stock’s risk/reward is skewed positive.