IGMS Biosciences shares are trading lower after the company announced plans to focus exclusively on autoimmunity and named Beth Harler as CEO. Also, the company stated it will reduce its work force and minimize future spending on R&D for Aplitabart and other oncology candidates.
Portfolio Pulse from Benzinga Newsdesk
IGMS Biosciences shares fell after the company announced a strategic shift to focus solely on autoimmunity, appointed Beth Harler as CEO, and decided to cut its workforce and reduce R&D spending on oncology projects.
October 01, 2024 | 11:57 am
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IGMS Biosciences shares declined following the announcement of a strategic pivot to focus on autoimmunity, a new CEO appointment, and workforce reductions. The company will also cut R&D spending on oncology projects.
The strategic shift to focus on autoimmunity and the reduction in workforce and R&D spending on oncology projects are likely seen as negative by investors, leading to a drop in share price. The appointment of a new CEO adds uncertainty.
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