IGM Biosciences, Inc. (IGMS) shares ended the last trading session 11.6% higher at $17.68. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 65.2% gain over the past four weeks.

Last month, the company announced robust financial results for the second quarter of 2024. The company also boasts a promising pipeline of Immunoglobin M antibody-based candidates, which are being developed to treat patients with cancer and autoimmune and inflammatory diseases. This might have driven the share price rally.

This company is expected to post quarterly loss of $0.82 per share in its upcoming report, which represents a year-over-year change of +21.2%. Revenues are expected to be $0.27 million, down 47.1% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For IGM Biosciences, the consensus EPS estimate for the quarter has been revised 0.9% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on IGMS going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

IGM Biosciences belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Allogene Therapeutics (ALLO), closed the last trading session 4.4% higher at $2.88. Over the past month, ALLO has returned 4.2%.

Allogene Therapeutics' consensus EPS estimate for the upcoming report has changed +0.5% over the past month to -$0.34. Compared to the company's year-ago EPS, this represents a change of +8.1%. Allogene Therapeutics currently boasts a Zacks Rank of #3 (Hold).

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