IGM Biosciences stock jumps after ASH presentation, Stifel ups price target

 

• IGM Biosciences (NASDAQ:IGMS) climbs 19%, its biggest jump since February, after preliminary data from its Phase 1 trial evaluating IGM-2323 in non-Hodgkins lymphoma demonstrated tumor size reduction in nine of 14 patients.
• IGM-2323 is a bispecific IgM antibody targeting CD20 x CD3. The data was presented at this year's American Society of Hematology meeting.
• As a result of the presentation, Stifel analyst Stephen Willey lifts his price target on the stock to a Street high $100 from $95. "This weekend's disclosure definitively improves our understanding of the asset/opportunity," he wrote.
• As of Oct. 30, 2020, the data cutoff date for the presentation, 16 patients were enrolled and treated at escalating dose levels of IGM-2323. Dose escalation continues in the study toward the anticipated recommended Phase 2 dose range of 100mg-1000mg.
• Of the 14 patients treated in the 0.5-, 2.5-, 10-, 30- and 50/100 mg dose cohorts, nine showed evidence of tumor size reduction and two patients showed partial responses, including a patient with follicular lymphoma (50/100 mg dose level) and a patient with diffuse large B cell lymphoma (DLBCL) who had failed CAR-T therapy (30 mg dose level).
• Subsequent to the data cutoff, the two patients with follicular lymphoma treated at the 50/100 mg titration dose converted to complete responses.
• Among all patients, IGM-2323 was found to be generally well tolerated, with no dose limiting toxicities, no Grade 3 or higher CRS and no evidence of neurotoxicity observed, despite less steroid pretreatment than used in studies of most other T cell engagers.
• https://seekingalpha.com/news/3642172-igm-biosciences-stock-jumps-19-after-ash-presentation-stifel-lifts-price-target