Shares of IGM Biosciences Inc . (NASDAQ:) surged 38% Wednesday after BIIB announced the acquisition of HI-Bio, which is seen as a positive for IGMS.
BIIB announced the acquisition of HI-Bio. Its lead asset felzartamab, a CD38 targeting antibody, is being developed for numerous kidney autoimmune/inflammatory diseases.
Reacting to the news, analysts at RBC highlighted the positives for IGMS, noting the company “recently pivoted both imvotamab (CD20xCD3) and ‘2664 (CD38xCD3) into the I&I space.”
“BIIB’s acquisition of HI-Bio and its CD38 antibody for I&I provides another vote of confidence in non-CAR-T cell B-cell depleting approaches, with IGMS moving both CD20xCD3 and CD38xCD3 assets forward,” said analysts at RBC.
“With the current valuation nearing the company’s cash level, we believe its I&I potential is widely underappreciated, and efficacy signals from imvotamab end-’24/early-’25 and/or ‘2644 in solid tumors early 2025 can lead to substantial stock upside,” concluded the bank.
