IGM Biosciences IncĀ (NASDAQ: IGMS) shares plungedĀ 

IGM Biosciences Inc (NASDAQ:IGMS) shares plunged after reporting Phase 1 trial data in advanced B-Cell malignancies.

  • RBC Capital downgraded IGM Biosciences to Sector Perform from Outperform with a price target of $51, down from $90. 
  • Analyst Brian Abrahams notes that the updated ASH data suggest that '2323 remains active in NHL but with less robust activity than prior cuts. 
  • Abrahams adds that more data will be needed to fully characterize the drug's potential competitiveness at the lower go-forward doses.
  • Stifel also lowered the price target on IGM Biosciences to $65 from $98 and kept a Buy rating.
  • Analyst Stephen Willey says that while the ten patients of 100mg dose-titration response data "looks very impressive in isolation," the 17 patients of response data at titration doses over 100mg is "challenging not to ignore," and the dose-escalation data is likely to "further polarize investor perspective." 
  • His lowered target reflects the "increased risk inputs required to accommodate this discrepant efficacy data," whose explanation may not be available until 2022, he said.
  • Wedbush lowered the price target to $67 from $82 and kept an Outperform rating. 
  • Clinical activity remains "highly promising" in one of two go-forward dose cohorts. However, IGM-2323 appears to demonstrate weaker activity in higher titration dose cohorts, which the Company suggested mechanistically could be due to several reasons, analyst Robert Driscoll notes.
  • Price Action: IGMS shares are down 28.9% at $35.42 during the market session on the last check Monday.
  • Check out our coverage of the American Society of Hematology (ASH) Annual Meeting 2021 here.