In a recent transaction, Bruce Keyt, the Chief Scientific Officer of IGM Biosciences, Inc. (NASDAQ:), sold 1,487 shares of the company’s stock on September 13, 2024, at a weighted average price of $11.5388, totaling approximately $17,158.
The purpose of the sale was to cover tax withholding obligations related to the vesting of restricted stock units. The shares were sold in multiple trades at prices ranging from $11.20 to $11.795, resulting in the reported weighted average sale price.
Following the transaction, Bruce Keyt’s direct holdings in IGM Biosciences now stand at 242,948 shares, with an additional 4,039 shares held indirectly by his spouse.
Investors and followers of IGM Biosciences may find this information relevant as it reflects the trading activities of a key executive in the company. IGM Biosciences, a pharmaceutical preparations company based in Mountain View, California, operates under the jurisdiction of Delaware.
On the financial front, IGM Biosciences reported a wider Q2 net loss of $0.79 per share, deviating from the initial estimated net gain. This led to H.C. Wainwright lowering its price target for the company but revising its full-year 2024 net loss projection to an improved figure.
Despite the setback, the company made progress in its early-stage pipeline, with Morgan Stanley maintaining a positive outlook. They highlighted ongoing studies for rheumatoid arthritis and systemic lupus erythematosus, as well as the completion of a study for colorectal cancer.
Other recent developments include new director elections, financial ratifications, and a refined collaboration with Sanofi focusing on immunology and inflammation targets.
InvestingPro Insights
IGM Biosciences, Inc. (NASDAQ:IGMS) has shown strong performance recently, with significant returns over the last week and month, indicating a bullish trend that may attract investors.
With a market capitalization of $1.05 billion, IGM Biosciences is a notable player in the industry. However, financial metrics show areas of concern, despite positive signs of liquidity and analyst optimism for future performance.
For a more in-depth analysis, additional insights are available on IGM Biosciences’ financial health and stock performance through InvestingPro Tips.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.