IGM Biosciences, Inc. - Common Stock (IGMS)

Today's session on Tuesday is marked by notable gaps in various stocks. Stay informed with the gap up and gap down stocks in today's session.

U.S. stock futures were on a mixed note on Friday ahead of the crucial U.S. jobs data report after a mixed close in the previous session.

IGM Biosciences shifts focus to autoimmune diseases, reduces oncology research, and appoints former Bristol Myers Squibb executive as CEO. The company aims to extend its cash runway into 2027.

The company is making a complete shift out of oncology and into autoimmune diseases.

Small-cap stocks are surging ahead of the expected interest rate cut by the Federal Reserve, outperforming their larger-cap counterparts. However, potential for gains may be hindered by sluggish earnings and uncertain economic outlook.

IGMS stock results show that IGM Biosciences missed analyst estimates for earnings per share and missed on revenue for the second quarter of 2024.

The Russell 2000 index of small caps recorded its best weekly performance since October 2023, surging over 6%, driven by lower-than-expected June inflation data and potential interest rate cuts.