RBC Capital analyst Brian Abrahams downgraded IGM Biosciences (IGMS) to Sector Perform from Outperform with a price target of $1.50, down from $20. Following the company’s decision to discontinue its primary value-driving IgM-based bispecific autoimmune clinical pipeline, reduce workforce by 73%, and seek strategic alternatives, RBC expects sharp downside for shares and expects the stock to settle in around anticipated cash levels one year out, the analyst tells investors in a research note.
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Read More on IGMS:
- IGM Biosciences downgraded to Hold from Buy at Stifel
- IGM Biosciences downgraded to Underweight from Equal Weight at Morgan Stanley
- IGM Biosciences downgraded to Market Perform from Outperform at BMO Capital
- IGM Biosciences reducing workforce by 73%, evaluating strategic alternatives
- IGM Biosciences halting further development of imvotamab and IGM-2644