IGM Biosciences price target raised to $20 from $17 at RBC Capital

RBC Capital analyst Brian Abrahams raised the firm’s price target on IGM Biosciences (IGMS) to $20 from $17 and keeps an Outperform rating on the shares. Following the firm’s meetings with the company management, RBC is “increasingly convinced” on the strong mechanistic rationale for their CD20xCD3 bispecific, imvotamab, across autoimmune indications, and the likelihood that near-term data will show promising initial signs of activity, the analyst tells investors in a research note.