By IGM Biosciences, Inc.’s (NASDAQ:IGMS) Chief Financial Officer, Tahir Misbah, recently sold shares of the company stock, according to the latest SEC filings. The transaction, which took place on September 13, 2024, involved a total sale of 1,487 shares at an average price of $11.5388, amounting to over $17,000 in total value.
The sale was executed in multiple trades with prices ranging between $11.20 and $11.795, as detailed in the footnotes of the filing. This price variation indicates that the shares were not sold at a single price point but rather at different prices throughout the trading window. The reported average sale price represents the weighted average of these transactions.
Following the sale, Misbah still holds a significant number of shares in IGM Biosciences, with the post-transaction amount listed as 122,694 shares owned. This indicates that the CFO continues to have a substantial investment in the company despite the recent sale.
The footnotes also reveal that the purpose of the sale was to cover tax withholding obligations associated with the vesting of restricted stock units. This is a common practice for executives and employees who receive equity compensation and are required to pay taxes upon the vesting of their shares.
IGM Biosciences, based in Mountain View, California, operates in the pharmaceutical preparations industry under the industrial classification code 2834. The company, incorporated in Delaware, was formerly known as Palingen, Inc. before changing its name in July 2010.
Investors often monitor insider transactions as they can provide insights into executives’ perspectives on the company’s current valuation and future prospects. While single transactions may not always indicate a trend, patterns of buying or selling over time can be more indicative of insider sentiment.
For those interested in following IGM Biosciences’ insider transactions or stock performance, the company trades on the NASDAQ under the ticker symbol IGMS.
In other recent news, IGM Biosciences reported a wider Q2 loss of $0.79 per share, diverging from the initially estimated net gain of $0.21 per share. This led H.C. Wainwright to adjust its price target for the company from $12 to $11, while maintaining a neutral rating. The company also disclosed Q2 R&D expenses of $42.0 million and SG&A expenses of $10.6 million. IGM Biosciences ended the second quarter with approximately $256.4 million in cash reserves, projected to sustain operations until Q2 2026.
IGM Biosciences has also made significant strides in its early-stage pipeline, as noted by Morgan Stanley, which maintained an Overweight rating on the company. The advancement of the Phase 1b study of imvotamab for rheumatoid arthritis and systemic lupus erythematosus, and the completion of enrollment for aplitabart in a Phase 1a/1b study for colorectal cancer were particularly highlighted.
In other corporate developments, IGM Biosciences saw the election of three Class II directors and ratified Deloitte & Touche LLP as its independent accounting firm for the fiscal year ending December 31, 2024. RBC Capital also adjusted its outlook on IGM Biosciences, reducing the price target but maintaining an Outperform rating. Lastly, IGM Biosciences refined its collaboration with Sanofi (NASDAQ:SNY), now 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 additional context on the company’s financial health and stock performance. InvestingPro provides real-time data and analytics that can offer further insights into the company’s position.
An InvestingPro Tip worth noting is that IGMS holds more cash than debt on its balance sheet, which could be a sign of financial stability. Additionally, four analysts have revised their earnings upwards for the upcoming period, suggesting a potential positive outlook for the company’s financial performance.
InvestingPro Data reveals a market capitalization of $1.05 billion for IGMS, indicating the size and scale of the company within the pharmaceutical preparations industry. Despite a negative P/E ratio of -4.74, reflecting the company’s current lack of profitability, the revenue growth over the last twelve months as of Q2 2024 stands at an impressive 74%, signaling strong sales performance. However, it’s important to note that the company has experienced significant gross profit margin challenges, with a margin of -6530.02% during the same period.
The stock has seen a substantial return over the last week, month, and year, with a one-week price total return of 50.6% and a one-year price total return of 144.2%. These figures indicate a notable recent performance in the stock market, which could be of interest to both current and prospective shareholders.
For those looking to delve deeper into IGMS’s financials and stock performance, InvestingPro offers additional tips and analytics. As of now, there are 16 more InvestingPro Tips available for IGMS at https://www.investing.com/pro/IGMS, which can help investors make more informed decisions.
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