IGM Biosciences' B Cell Malignancies Trial Data Fails To Lift The Stock

IGM Biosciences Inc (NASDAQ: IGMS) has presented clinical results from its Phase 1 trial of IGM-2323 in patients with advanced B-Cell malignancies. The data were featured at the American Society of Hematology (ASH) Annual Meeting and Exposition.

• As of September 10, 2021, the data cutoff date, 40 patients were enrolled and treated at escalating dose levels of IGM-2323.
• There were no dose-limiting toxicities, no neurotoxicity adverse events, a relatively low rate of cytokine release syndrome (CRS), and no patients discontinued due to an adverse event.
• Of the ten patients treated in the 100 mg cohort, 3 of 6 diffuse large B cell lymphoma (DLBCL) patients had a complete response, and 2 of 3 follicular lymphoma (FL) patients had a complete response. 
• 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 plans to initiate two Phase 2 studies to assess two doses of IGM-2323, 100 mg, and 300 mg in patients with DLBCL and FL. 
• If supportive, the data from the Phase 2 study could potentially be used as the basis for accelerated review and approval of IGM-2323.
• RBC Capital, Wedbush, and Stifel lowered the price target for IGMS after the incremental IGM-2323 data.
• Price Action: IGMS shares are down 31.90% at $33.97 during the market session on the last check Monday.
• Check out our coverage of the American Society of Hematology (ASH) Annual Meeting 2021 here.