IGM Biosciences (IGMS) Surges 11.6%: Is This an Indication of Further Gains?

Stock Performance - IGM Biosciences shares ended the last trading session 11.6% higher at $17.68, driven by higher-than-average trading volume [1] - The stock has gained 65.2% over the past four weeks [1] - Allogene Therapeutics shares closed 4.4% higher at $2.88 in the last trading session and have returned 4.2% over the past month [4] Financial Results and Estimates - IGM Biosciences announced robust financial results for Q2 2024 [2] - The company is expected to post a quarterly loss of $0.82 per share, representing a year-over-year improvement of +21.2% [3] - Revenues are expected to be $0.27 million, down 47.1% from the year-ago quarter [3] - The consensus EPS estimate for IGM Biosciences has been revised 0.9% lower over the last 30 days [4] - Allogene Therapeutics' consensus EPS estimate for the upcoming report has changed +0.5% over the past month to -$0.34, representing a year-over-year improvement of +8.1% [5] Pipeline and Industry - IGM Biosciences has a promising pipeline of Immunoglobin M antibody-based candidates for treating cancer, autoimmune, and inflammatory diseases [2] - Both IGM Biosciences and Allogene Therapeutics belong to the Zacks Medical - Biomedical and Genetics industry [4] - Both companies currently carry a Zacks Rank of 3 (Hold) [4][5]