Down -76.91% in 4 Weeks, Here's Why IGM Biosciences (IGMS) Looks Ripe for a Turnaround

Core Viewpoint - IGM Biosciences, Inc. (IGMS) has experienced a significant decline of 76.9% in its stock price over the past four weeks, but it is now in oversold territory, suggesting a potential turnaround due to improved earnings expectations from analysts [1]. Group 1: Technical Indicators - The Relative Strength Index (RSI) for IGMS is currently at 19.23, indicating that the heavy selling pressure may be exhausting, which could lead to a price rebound [5]. - RSI is a momentum oscillator that helps identify oversold conditions when the reading falls below 30, allowing investors to spot potential entry opportunities [2][3]. Group 2: Fundamental Indicators - There has been a strong consensus among sell-side analysts to raise earnings estimates for IGMS, resulting in a 57.6% increase in the consensus EPS estimate over the last 30 days, which typically correlates with price appreciation [6]. - IGMS holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the potential for a near-term turnaround [7].