(Updates)
** Shares of biotech firm IGM Biosciences slump 68.5% to $1.95, hitting their lowest level since Nasdaq debut in September 2019
** Stock on track for biggest one-day percentage fall since debut, if losses hold
** IGMS said on Thursday it is halting further development of two drugs, imvotamab and IGM-2644, which were being tested for immunity-related diseases
** Early-stage trail data shows imvotamab is not effective enough in depleting B cells, a type of white blood cells, for rheumatoid arthritis and systemic lupus erythematosus, CEO Mary Beth Harler says
** Co also plans to lay off about 73% of its employees
** Co had 224 full-time employees as of Dec. 31, 2023 - SEC filing
** RBC Capital Markets notes IGMS's preclinical collaboration with Sanofi for undisclosed I&I (immunology and inflammation) targets but does not expect it "to drive near-term value"
** Brokerage downgrades stock to "sector perform" from "outperform", cuts PT to $1.50 from $20
** At least three other brokerages also downgrade stock and cut PT
** IGMS declined ~30% in 2024
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com))
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