Wedbush analyst David Nierengarten raised his price target for MyoKardia (MYOK) to $77 from $64 as he now begins to value royalties on potential sales of mavacamten and MYK-491 in Europe based on increasing confidence that Sanofi (SNY) will elect to commercialize there. The analyst is also positive on MyoKardia ahead of the Phase 1b MYK-491 readout in dilated cardiomyopathy later this year, where a favorable safety profile and demonstration of clinical proof of mechanism could add at least $5/share to current levels. He reiterates an Outperform rating on MyoKardia shares.

After IGM Biosciences (IGMS) announced that the company's exclusive worldwide collaboration agreement with Sanofi (SNY) to create and develop IgM agonist antibodies will now focus exclusively on immunology and inflammation targets, Stifel analyst Stephen Willey said the firm believes the re-focusing of the collaboration away from oncology and exclusively to the three, yet-to-be-disclosed IAI targets "removes some longer-term economic optionality," but ultimately doesn't change the firm's thesis on the stock. The firm, which adds that Sanofi's decision aligns with its continued prioritization of IAI development opportunities and doesn't reflect anything aplitabart-related and notes that IGM now regains full control of these oncology programs and could potentially re-monetize these assets via future partnerships, would be buyers on related weakness. Stifel has a Buy rating and $25 price target on IGM Biosciences shares.