Investing.com -- IGM Biosciences (NASDAQ:IGMS), a biotechnology company, has seen a sharp 67% drop in its stock value on Friday following the suspension of two of its treatments for autoimmune diseases.
The halted development projects include Imvotamab and IGM-2644.
The company is known for its research and development in the biotech field, specifically focusing on treatments for autoimmune diseases.
“Interim data from the Phase 1b studies of imvotamab in rheumatoid arthritis and systemic lupus erythematosus show that the depth and consistency of B cell depletion is insufficient to meet our high bar for success,” Mary Harler, Chief Executive Officer of IGM Biosciences said in a press release on Thursday.
The comapny decided to discontinue further development of imvotamab due to these findings.
"Concurrent with discontinuation of the imvotamab program, IGM-2644 is also being terminated due to strategic considerations,” Harler added.
The sudden halt in the progression of these two treatments has led to a significant decrease in the company's share value.
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