Why Did Truist Lower IGM Biosciences' Price Target?

Truist has lowered the price target on IGM Biosciences Inc IGMS to $74 from $80.
The analyst Asthika Goonewardene says that the lower price target reflects the Company's Q4 results, deal financials, and increased cost to IGM Biosciences in its Sanofi SA SNY collaboration deal.
Related: IGM Biosciences Shares Surge After Oncology / Immunology Pact With Sanofi.
However, the analyst keeps a Buy rating on the shares and believes that IGM offers ample room for near-term catalysts to increase its value potential significantly.
Morgan Stanley maintains IGM Biosciences with an Equal-Weight and raises the price target from $25 to $30.
Earlier today, IGM Biosciences priced its underwritten public offering of 8.7 million shares at $23.00 per share, for gross proceeds of approximately $200.0 million. The offering will close by April 1.
Price Action: IGMS shares are down 7.87% at $27.17 during the market session on the last check Wednesday.