IGM Biosciences, Inc. (IGMS) is experiencing a decline in its stock price today, likely due to the lingering effects of its recent strategic shift. The company announced on January 10, 2025, that it would halt the development of its Imvotamab and IGM-2644 treatments following unsatisfactory interim data from Phase 1b studies. This decision, coupled with a 73% workforce reduction, has raised concerns about the company's future prospects and viability. The biotech sector's inherent volatility and investor sensitivity to research outcomes further amplify such price movements, making IGMS a stock to monitor for recovery opportunities.
The current price of IGMS is $2.05, down 1.95% from the previous close of $2.09. Despite being just over half an hour into the trading day, the stock has already seen a volume of 352,693 shares, surpassing its average daily volume of 326,119.