Jefferies downgraded IGM Biosciences (IGMS) to Hold from Buy with a price target of $2, down from $48, after the company discontinued all clinical development of drugs in its autoimmune franchise and said it is evaluating internal options and strategic alternatives with the goal of maximizing value for its shareholders. Following the announcement, the firm removed clinical program revenue from its model and lowered its view of platform value to $50M, mostly related to the still-ongoing Sanofi (SNY) partnership for three early programs, from $500M, the analyst tells investors.
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