IGM Biosciences (IGMS) is experiencing a decline in its stock price following the company's announcement of a strategic pivot from cancer therapeutics to autoimmune diseases. This shift, which includes halting cancer trials and reducing its workforce, has raised concerns among investors about the unproven potential of T-cell engagers in autoimmune diseases. The frequent strategic pivots and the associated risks have contributed to uncertainty about the company's future prospects. Despite a 25% increase in stock value since last October, the market appears to be reacting cautiously to the latest developments.
IGM Biosciences' stock is currently trading at $10.38, down 1.66% from its previous close of $10.55.