IGM Biosciences, Inc.’s (NASDAQ:) Chief Financial Officer, Tahir Misbah, recently sold 1,487 shares of the company stock on September 13, 2024, according to the latest SEC filings. The average price per share was $11.5388, resulting in a total transaction value of over $17,000.
The sale was conducted in multiple trades at prices ranging from $11.20 to $11.795, as disclosed in the footnotes of the filing. This indicates that the shares were sold at different prices throughout the trading window, with the reported average representing the weighted average of these transactions.
Despite the recent sale, Misbah still retains a significant stake in IGM Biosciences, owning 122,694 shares post-transaction. The purpose of the sale, as stated in the footnotes, was to cover tax withholding obligations related to the vesting of restricted stock units.
IGM Biosciences is headquartered in Mountain View, California, and operates in the pharmaceutical preparations industry under the industrial classification code 2834. The company, originally known as Palingen, Inc., changed its name to IGM Biosciences in July 2010.
Insider transactions like these can offer valuable insights into executives’ views on a company’s valuation and future prospects. Investors interested in monitoring IGM Biosciences’ insider activities or stock performance can find the company listed on the NASDAQ under the ticker symbol IGMS.
In recent developments, IGM Biosciences reported a wider Q2 loss of $0.79 per share, deviating from the expected net gain of $0.21 per share. H.C. Wainwright adjusted its price target for the company from $12 to $11, while maintaining a neutral rating. The company’s Q2 R&D expenses were $42.0 million, with SG&A expenses totaling $10.6 million. IGM Biosciences ended the second quarter with approximately $256.4 million in cash reserves, projected to support operations until Q2 2026.
Morgan Stanley noted significant progress in IGM Biosciences’ early-stage pipeline, particularly highlighting the advancement of the Phase 1b study of imvotamab for rheumatoid arthritis and systemic lupus erythematosus, as well as the completion of enrollment for aplitabart in a Phase 1a/1b study for colorectal cancer.
Additionally, IGM Biosciences recently elected three Class II directors and ratified Deloitte & Touche LLP as its independent accounting firm for the fiscal year ending December 31, 2024. RBC Capital adjusted its outlook on the company, reducing the price target while maintaining an Outperform rating. The company also refined its collaboration with Sanofi (NASDAQ:), focusing solely on immunology and inflammation targets.
InvestingPro Insights
Following the recent insider transaction by IGM Biosciences, Inc.’s (NASDAQ:IGMS) CFO, investors may seek further information on the company’s financial health and stock performance. InvestingPro provides real-time data and analytics to offer deeper insights into the company’s position.
An important InvestingPro Tip to consider is that IGMS holds more cash than debt on its balance sheet, indicating financial stability. Additionally, four analysts have revised their earnings forecasts upward, suggesting a positive outlook for the company’s financial performance.
InvestingPro Data shows a market capitalization of $1.05 billion for IGMS, reflecting the company’s size within the pharmaceutical preparations industry. Despite a negative P/E ratio of -4.74, indicating current lack of profitability, the company achieved a 74% revenue growth over the last twelve months as of Q2 2024. However, challenges with gross profit margin were evident, with a margin of -6530.02% during the same period.
The stock has demonstrated significant returns over the past week, month, and year, with a one-week price total return of 50.6% and a one-year price total return of 144.2%. This performance may be of interest to existing and prospective shareholders.
For a more thorough analysis of IGMS’s financials and stock performance, InvestingPro offers additional insights and analytics. Currently, there are 16 more InvestingPro Tips available for IGMS at https://www.investing.com/pro/IGMS to assist investors in making informed decisions.
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