Stifel downgraded IGM Biosciences (IGMS) to Hold from Buy with a price target of $2.50, down from $27. Th firm cites the company’s “surprising decision” to discontinue all further development of its autoimmune and inflammatory disease applications for the downgrade. The strategic pivot will trigger the evaluation of both internal and external/ alternatives and an over 70% workforce reduction, the analyst tells investors in a research note.
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Read More on IGMS:
- 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
- IGM Biosciences initiated with an Outperform at BMO Capital
