IGM Biosciences downgraded to Sector Perform from Outperform at RBC Capital

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.