I’m not great at writing DD. But I did notice something odd about IGMS dropping roughly 50 percent from 55 dollars to 27.50. Its a pharma play so this is typical movement when a drug fails one of their trials. This company just completed phase 1 and is starting phase 2. This is the only negative news I have seen on the stock today.
"IGM Biosciences Inc. shares were down 47% to $26.55 Monday after the company reported clinical results from its Phase 1 trial evaluating IGM-2323, a novel bispecific IgM antibody targeting CD20 x CD3.
The company said the Phase 1 dose escalation trial was intended to assess the safety, pharmacokinetics and preliminary efficacy of intravenous IGM-2323 in patients with advanced B cell malignancies. As of Sept. 10, 40 patients were enrolled and treated at escalating dose levels of IGM-2323.
All 40 patients received at least one dose and were evaluable for safety. There were no dose limiting toxicities, no neurotoxicity adverse events, a relatively low rate of cytokine release syndrome and no patients discontinued due to an adverse events, the company said.
Of the 10 patients treated in the 100 mg cohort, 3 of 6 diffuse large B cell lymphoma patients had a complete response and 2 of 3 follicular lymphoma patients had a complete response, IGM said. Additionally, the one mantle cell patient treated in the 100 mg dose cohort had a partial response. Overall, of the 38 patients evaluable for efficacy, 11 patients showed a response, 8 of which were complete responses, the company said.
RBC Capital cut its recommendation for IGM stock to sector buy from outperform, while reducing its price target to $51 from $90 a share. Stifel cut its price target to $65 from $98, and held its buy stance, while Jefferies raised its price target for the stock to $126 from $101 a share, while maintaining its buy recommendation."
Potential great play here similar to PTGX. Oversold. If anyone could find more Info i would appreciate it. I will be hunting also but haven’t had any luck so far.