IGM Biosciences initiated with an Outperform at BMO Capital

BMO Capital initiated coverage of IGM Biosciences (IGMS) with an Outperform rating and $21 price target IGM is a clinical-stage biotechnology developing immunoglobulin M antibodies for the treatment of autoimmune and inflammatory diseases, the analyst tells investors in a research note. The firm says imvotamab, a T cell engaging antibody targeting CD20 and CD3 proteins, is currently being evaluated in three Phase 1 clinical trials in autoimmune diseases. BMO sees “significant upside” to IGM shares on “upcoming clinical de-risking.”