IGM Biosciences downgraded to Underperform from Neutral at BofA

BofA downgraded IGM Biosciences (IGMS) to Underperform from Neutral with a price target of 75c, down from $2, after the company released financial results in the form of a FY2024 10K, without an accompanying press release or management commentary. The company did not provide any update on strategic alternatives or the path forward, notes the analyst, who estimates that IGM will likely run out of cash sometime in 2027, even with sharply reduced expenditures and assuming future milestone payments from its early-stage Sanofi (SNY) collaboration.