IGM Biosciences, Inc. (NASDAQ: IGMS) recently disclosed a transaction involving Mary Beth Harler, the company’s Head of Research & Autoimmunity. According to the latest filing, Harler sold 1,487 shares of common stock at an average price of $11.5388, totaling $17,158.
The sale occurred on September 13, 2024, with prices ranging from $11.20 to $11.795 per share in multiple trades. After the sale, Harler still retains 163,740 shares of company stock. The filing explained that the shares were sold to cover tax withholding obligations related to the vesting of restricted stock units.
Such transactions are standard compensation practices for executives and are often planned in advance. IGM Biosciences, headquartered in Mountain View, California, is a key player in the pharmaceutical preparations sector.
In other news, IGM Biosciences reported a net loss of $0.79 per share in the second quarter, differing from the initial estimate of a net gain of $0.21 per share. This led H.C. Wainwright to revise its outlook on the company, reducing the price target to $11 while maintaining a Neutral rating. Morgan Stanley noted significant progress in IGM Biosciences’ early-stage pipeline, particularly in studies for rheumatoid arthritis and colorectal cancer.
IGM Biosciences also saw corporate developments, including the election of new directors and the ratification of its independent accounting firm. The company refined its collaboration with Sanofi, focusing solely on immunology and inflammation targets.
From an investment perspective, IGM Biosciences has a market capitalization of $1.05 billion and a healthy financial position with more cash than debt. Analysts have revised earnings estimates upwards, indicating growing optimism about the company’s potential. Despite strong returns over the past year, analysts do not expect profitability this year.
IGM Biosciences is trading at high revenue and Price/Book multiples, suggesting an optimistic valuation. For a more in-depth analysis, additional insights are available on InvestingPro’s platform.