IGM Biosciences, Inc. (IGMS) is experiencing a notable surge in after-hours trading, driven by a short squeeze that has caught the attention of retail investors. Discussions on social media platforms highlight the stock's volatility, with some investors purchasing call options in anticipation of further upward movement. The stock's short interest, reportedly at 5.5 million shares out of a total float of 11.8 million, has likely contributed to the squeeze dynamics, as traders rush to cover their positions.
Additionally, IGM Biosciences recently announced a strategic pivot to focus exclusively on autoimmunity, which may have sparked renewed interest and optimism among investors. This shift in corporate strategy could be perceived as a positive development, potentially leading to new opportunities and growth prospects for the company.
IGM Biosciences' stock price rose 12.55% in after-hours trading, reaching $11.30, following a close at $10.04 on November 29, 2024.