IGM Biosciences executive sells more than $17,000 worth of company stock to Investing.com

IGM Biosciences, Inc. (NASDAQ: ) reported a recent transaction involving the company’s head of research and autoimmunity, Mary Beth Harler. According to the latest filing, Harler sold a total of 1,487 common shares at an average price of $11.5388, for a total of $17,158.

The shares were sold on September 13, 2024, as indicated in the filing, and the transaction was executed in several trades with prices ranging from $11.20 to $11.795. The reported average price reflects the weighted average selling price of the shares. Following the sale, Harler still owns a substantial amount of the company’s shares, with 163,740 shares remaining in her possession.

The filing included a footnote explaining that the shares were sold to cover withholding tax obligations related to ownership of the restricted stock units. This is a common practice where employees sell some of their invested shares to pay the fees incurred at the time of registration.

Investors and followers of IGM Biosciences will note that such transactions are part of standard executive compensation and tax fulfillment strategies and are often scheduled in advance. The company, headquartered in Mountain View, California, operates in the pharmaceuticals sector and continues to be a player in the life sciences industry.

The SEC filing was signed on behalf of Mary Beth Harler by Misbah Tahir, by proxy, on September 17, 2024. Complete details of the transaction, including the number of shares sold at each price separately, are available upon request from the Securities and Exchange Commission, IGM Biosciences or a holder of the issuer.

“In other recent news, IGM Biosciences disclosed its second quarter financial results, which showed a net loss of $0.79 per share, different from the initial estimate of net earnings of $0.21 per share. This led HC Wainwright to adjust its outlook on IGM Biosciences, lowering its price target to $11, while maintaining a neutral rating, the company also revised its 2024 net loss projection for IGM Biosciences to 2, $31 per share, an improvement from the previous estimate of a net loss of $3.27 per share.

IGM Biosciences reported significant developments in its early stage, as noted by Morgan Stanley, which maintained its overweight rating on the company. Progress includes the ongoing phase 1b trial of imvotamab for rheumatoid arthritis and systemic lupus erythematosus and the completion of enrollment for aplitabart in a phase 1a/1b trial for colorectal cancer.

RBC Capital also adjusted its outlook on IGM Biosciences, lowering its price target but maintaining an Outperform rating. IGM Biosciences also saw corporate developments, including the election of three Class II directors and the ratification of Deloitte & Touche LLP as its independent accounting firm for the fiscal year ending December 31, 2024.

In addition, an amendment limiting the liability of certain officers was approved and an employee stock option program was also approved. Finally, IGM Biosciences perfected its collaboration with Sanofi (NASDAQ: ), now focusing exclusively on immunology and inflammation targets. These are the recent developments related to IGM Biosciences.”

InvestingPro Insights

IGM Biosciences, Inc. (NASDAQ:IGMS) has recently been a topic of interest for both market analysts and investors. With a market capitalization of USD 1.05 billion, the company holds a unique position in the pharmaceuticals sector. Notably, IGM Biosciences has more cash than debt on its balance sheet, which is a reassuring sign for investors concerned about the company’s financial stability. This is underlined by the fact that IGM Biosciences’ liquid assets exceed its short-term liabilities, indicating a healthy liquidity position.

InvestingPro Tips points out that four analysts have revised their earnings estimates upward, suggesting growing optimism about the company’s earnings potential. Additionally, it is worth noting that despite the company’s strong performance over the past year, with a one-year total price return of 144.2%, analysts do not anticipate the company to be profitable this year. This juxtaposition of high yields and lack of profitability could indicate market sentiment and expectations for future growth.

From a valuation perspective, IGM Biosciences is trading at a high earnings-to-earnings multiple and a high price-to-book multiple of 8.57, based on trailing twelve months through Q2 2024. These values ​​may suggest that the stock is bullishly valued in relation to his book. value and income. For those interested in additional information, there is additional InvestingPro advice available for IGM Biosciences at https://www.investing.com/pro/IGMS, providing a more comprehensive analysis for potential investors.

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