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

Dow Jones

10 Jan

iShares Expanded Tech Sector ETF0.00%Post-market

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)

Copyright (c) 2025 Dow Jones & Company, Inc.

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