It's time to buy IGM Biosciences , a company that is developing some promising new treatments for cancer and other diseases, according to Bank of America. Analyst Geoff Meacham initiated coverage of IGM Biosciences with a buy rating, setting a $34 price objective, citing a robust portfolio of IgM-based antibody therapeutics. "We rate IGM Biosciences a Buy based on the lead program, Imvotamab, which is currently in phase 2 studies in B-cell NHL and platform value of IgM antibody development. The company has additional programs in earlier stages including the phase 1 IGM-8444 program and preclinical products," Meacham wrote in a Monday note. "IGM Bio has a strong IP portfolio allowing the company to develop IgM antibody based therapeutics for oncology with the potential to expand into autoimmune and infectious disease indication," Meacham added. The analyst approved of the company's focus on IgM antibodies, which could be used as a more effective treatment against cancer than other antibodies and could set the company apart in the broader therapeutics space. "While typical antibody therapies utilize IgG antibodies, IgM based therapeutics are designed to act in a similar way, but could have increased efficacy due to the naturally higher avidity of IgM antibodies from more binding domains," Meacham wrote. At the same time, the company has an ongoing collaboration with Sanofi that could bring in more than $6 billion in milestone payments, as IGM Biosciences develops treatments against three cancer targets. Shares of IGM Biosciences are down 37% year to date, and are roughly 75% off their 52-week high. However, this month the stock is up 14%. The analyst set a $34 price target, implying 84% upside from Friday's closing price of $18.42. Shares are up nearly 2% in Monday premarket trading. —CNBC's Michael Bloom contributed to this report.