|Over a month ago|
IGM Biosciences transferred with Outperform at Baird » 16:5206/0306/03/21
Baird analyst Joel Beatty…
Baird analyst Joel Beatty raised the firm's price target on IGM Biosciences to $102 from $90 and keeps an Outperform rating on the shares after taking over coverage of the name. The analyst views IGM's wholly owned IgM antibody platform and pipeline as "differentiated" and he likes the setup heading into multiple catalysts later this year.
IGM Biosciences announces expansion of IgM platform into infectious diseases » 07:3606/0306/03/21
IGM Biosciences announced…
IGM Biosciences announced the expansion of its IgM antibody platform into infectious diseases, with the anticipated advancement of a new pipeline candidate, IGM-6268, into the clinic in the third quarter of 2021. IGM-6268 is an IgM version of an anti-SARS-CoV-2 IgG monoclonal antibody being developed as an intranasally administered agent for the treatment and prevention of COVID-19. The announcement coincides with the publication in Nature of an article entitled "Nasal delivery of an IgM offers broad protection from SARS-CoV-2 variants," which is available now online and will be published in a future print issue of Nature. The article describes results from preclinical studies demonstrating significantly greater neutralization of SARS-CoV-2 with an IgM antibody compared to IgG antibodies, the potent neutralization of all evaluated mutant Variants of Concern and Variants of Interest, and the ability to provide effective preventative and therapeutic protection when delivered intranasally in mice. The work described in the paper was performed in collaboration with The University of Texas Medical Branch at Galveston, and The University of Texas Health Science Center at Houston. IGM has exclusively licensed the rights to the antibodies used to generate IGM-6268 and related intellectual property from the University of Texas System. Results from the study published in Nature found that, among the anti-SARS-CoV-2 IgG, IgA, and IgM antibodies screened, IgM antibodies were in all cases significantly more potent than IgG and IgA antibodies in neutralizing virus. IGM-6268, described as IgM-14 in the publication, was shown to be effective for prophylaxis and treatment in animal models when administered intranasally, and also demonstrated significantly increased potency against wild type SARS-CoV-2 and emerging natural viral variants, such as the current UK, South African and Brazilian VoC strains, VoIs, as well as the antibody escape mutants for the current Emergency Use Authorized antibodies.
|Over a quarter ago|
IGM Biosciences appoints George Gauthier as chief commercial officer » 07:0504/1204/12/21
IGM Biosciences (IGMS)…
IGM Biosciences (IGMS) announced the appointment of George Gauthier to the newly created position of Chief Commercial Officer. Gauthier joins IGM with twenty years of experience in global commercial strategy, marketing, sales and product development. Most recently, Gauthier was Vice President of Global Product Strategy for Breast and Gynecological Cancers at Genentech (RHHBY).
IGM Biosciences price target raised to $119 from $86 at Truist » 07:3803/3103/31/21
Truist analyst Asthika…
Truist analyst Asthika Goonewardene raised the firm's price target on IGM Biosciences to $119 from $86 and keeps a Buy rating on the shares after its Q4 results and update on clinical trials and its pipeline. The company saw a "multitude" of positive signals that increase his confidence in its lead assets, the analyst tells investors in a research note, adding that the implied progress in trial recruitment, complete responses for IGM-2323, and safety profile for both IGM-2323 and IGM-8444 set expectations for "another potential mic-drop moment in the making" later this year.
IGM Biosciences reports Q4 EPS (79c), consensus (87c) » 16:3003/3003/30/21
Cash and investments as…
Cash and investments as of December 31, 2020 were $366.3M, compared to $236.6M as of December 31, 2019. "IGM reached a number of important milestones in 2020, including the presentation of encouraging initial results from our Phase 1 trial of IGM-2323 at the 2020 ASH Annual Meeting and the initiation of our Phase 1 clinical trial evaluating IGM-8444 in patients with solid cancers and non-Hodgkin's lymphoma," said Fred Schwarzer, CEO of IGM Biosciences. "While 2020 was filled with significant accomplishments, we expect that 2021 will be even more productive. We expect to complete dose escalation in the Phase 1 study of IGM-2323 and establish a recommended Phase 2 dose, as well as complete initial dose escalation studies with IGM-8444 and initiate combination clinical studies of IGM-8444 with a standard chemotherapy regimen and with birinapant, our newly licensed Inhibitor of Apoptosis Proteins antagonist. We also expect to file an IND for our IL-15 x PD-L1 antibody, IGM-7354, in 2021."
IGM Biosciences names Lisa Decker as chief business officer » 07:0703/1503/15/21
IGM Biosciences announced…
IGM Biosciences announced the appointment of Lisa L. Decker, Ph.D., to the newly created position of Chief Business Officer. Ms. Decker joins IGM with twenty years of experience in business development strategy, transactions and alliance management. Most recently, Decker was Chief Business Officer at Atreca, Inc., where she led business development, including the portfolio and alliance management functions.
IGM Biosciences initiated with an Outperform at RBC Capital » 06:2501/2901/29/21
RBC Capital analyst Brian…
RBC Capital analyst Brian Abrahams initiated coverage of IGM Biosciences with an Outperform rating and $121 price target. The company's "unique" IgM-based antibody platform allows it to pursue "novel" approaches that are unavailable to current-gen biologics, with potentially optimal safety and efficacy profiles, the analyst tells investors in a research note. Abrahams adds that the promising clinical and preclinical signals, impressive pipeline depth, and solid mechanistic rationale should command a higher valuation as the portfolio progresses.
IGM Biosciences price target raised to $114 from $88 at H.C. Wainwright » 06:2401/1901/19/21
H.C. Wainwright analyst…
H.C. Wainwright analyst Robert Burns raised the firm's price target on IGM Biosciences to $114 from $88 and keeps a Buy rating on the shares. The highest-probability target markets for IGM-2323 appear "clearly defined and well-established," Burns tells investors in a research note.
IGM Biosciences enters exclusive licensing agreement with Medivir for birinapant » 18:0201/1101/11/21
IGM Biosciences announced…
IGM Biosciences announced that it has entered into an exclusive license agreement with Medivir AB, through which IGM will receive global, exclusive development and commercialization rights for birinapant, a clinical-stage SMAC mimetic that binds to and degrades Inhibitors of Apoptosis Proteins, leading to cell death in tumor cells. The combination of IGM-8444, an IgM antibody targeting Death Receptor 5 being developed by IGM, and birinapant has been shown to enhance anti-tumor activity preclinically. Under terms of the agreement, Medivir will receive an upfront payment of $1M upon signing the agreement, followed by an additional $1.5M when birinapant is included by IGM in clinical Phase I studies. The terms of the agreement also entitle Medivir, should birinapant be successfully developed and approved, to receive milestone payments up to a total of approximately $350M, plus tiered royalties from the mid-single digits up to mid-teens on net sales.
Fly Intel: Top five analyst downgrades » 09:5912/2212/22/20
CB, H, IGMS, MESO, CVGW
Catch up on today's…
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Chubb (CB) downgraded to Underperform from Neutral at BofA with analyst Joshua Shanker saying despite price increases in the property and casualty insurance marketplace, low premium-to-equity leverage at Chubb indicates that modestly higher underwriting margins will be lower than with peers in terms of earnings growth. 2. Hyatt (H) downgraded to Neutral from Buy at Longbow with analyst Alton Stump downgraded citing valuation. 3. IGM Biosciences (IGMS) downgraded to Neutral from Outperform at Wedbush with analyst Robert Driscoll noting that IGM recently presented encouraging initial data from the ongoing dose-escalation study for lead IgM-based bispecific IGM-2323 at ASH 2020 and raised $230M in a subsequent equity financing. 4. Mesoblast (MESO) downgraded to Hold from Buy at Maxim with analyst Jason McCarthy saying that the DSMB reviewed the 28-day data for the ongoing P3 trial of remestemcel-L in COVID-19 acute respiratory distress syndrome and determined that the trial is unlikely to meet the primary endpoint of 43% reduction in mortality in combination with maximal therapy. 5. Calavo Growers (CVGW) downgraded to Hold from Buy at Lake Street with analyst Mark Smith saying he sees the large harvest in Mexico and pandemic impacts being a drag on avocado prices throughout FY21. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.