IGM Biosciences, Inc. (IGMS) saw a significant decline in its stock price on January 13, 2025, closing at $1.77, down 15.07% from the previous close of $2.09. The stock opened at $2.07 and reached a high of $2.12 before plummeting to its lowest point of the day at $1.77. The trading volume was notably high at 1,577,223 shares, nearly five times the average daily volume, indicating heightened investor activity. This sharp drop follows the company's recent announcement on January 10, 2025, to halt the development of its Imvotamab and IGM-2644 treatments due to unsatisfactory interim data from Phase 1b studies, alongside a 73% workforce reduction. These developments have raised concerns about the company's future, contributing to the stock's volatility.
Despite the downgrade from several analysts, including Royal Bank of Canada and Morgan Stanley, JPMorgan Chase & Co. upgraded IGMS from "underweight" to "neutral" on January 13, 2025. However, the overall sentiment remains cautious, with the stock receiving a "hold" rating from most analysts and an average price target of $5.50.