IGM Biosciences Inc. Drops 27% After Revealing Plans to Focus on T Cell Engager Pipeline

IGM Biosciences Inc. (NASDAQ: IGMS) Experiences 27% Decline Following Pipeline Prioritization Announcement

IGM Biosciences Inc. has announced that it will focus on its pipeline of T cell engagers aimed at treating autoimmune diseases. This includes the ongoing clinical development of imvotamab for rheumatoid arthritis and systemic lupus erythematosus.

Key points from the announcement include:

• The prioritization of T cell engagers in autoimmune disease treatment.
• Dr. Mary Beth Harler has been appointed as the new Chief Executive Officer and a member of the Board of Directors.
• The company’s cash runway has been extended into 2027.
• IGM will host a conference call and webcast today at 4:30 p.m. EDT.

As a result of this news, the company’s stock has seen a 27% decline.