IGM Biosciences Shares Down 69% Following Treatment Development Halt, Workforce Reduction

Dow Jones

01/10

By Denny Jacob

IGM Biosciences shares dived 69% in premarket trading a day after the company said it would halt development of two of its treatments.

Shares were trading around $1.94. The stock is up 1.5% on the year.

The biotechnology company said its decision to halt development would pertain to imvotamab and IGM-2644. It also cut its staff by 73% and is exploring internal options and strategic alternatives to maximize shareholder value while it looks to conserve cash.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

January 10, 2025 06:20 ET (11:20 GMT)

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The stock is up 1.5% on the year. \n\n\n  The biotechnology company said its decision to halt development would pertain to imvotamab and IGM-2644. It also cut its staff by 73% and is exploring internal options and strategic alternatives to maximize shareholder value while it looks to conserve cash. \n\n\n  Write to Denny Jacob at denny.jacob@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  January 10, 2025 06:20 ET (11:20 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}