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Benzinga
Benzinga
Business
Vandana Singh

Why Did Truist Lower IGM Biosciences' Price Target?

IGM IGM Biosciences Truist Nasdaq Sanofi Morgan Stanley Sanofi SA
  • Truist has lowered the price target on IGM Biosciences Inc (NASDAQ:IGMS) to $74 from $80.
  • The analyst Asthika Goonewardene says that the lower price target reflects the Company's Q4 results, deal financials, and increased cost to IGM Biosciences in its Sanofi SA (NASDAQ:SNY) collaboration deal. 
  • Related: IGM Biosciences Shares Surge After Oncology / Immunology Pact With Sanofi.
  • However, the analyst keeps a Buy rating on the shares and believes that IGM offers ample room for near-term catalysts to increase its value potential significantly.
  • Morgan Stanley maintains IGM Biosciences with an Equal-Weight and raises the price target from $25 to $30.
  • Earlier today, IGM Biosciences priced its underwritten public offering of 8.7 million shares at $23.00 per share, for gross proceeds of approximately $200.0 million. The offering will close by April 1.
  • Price Action: IGMS shares are down 7.87% at $27.17 during the market session on the last check Wednesday.
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