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

CFO of IGM Biosciences, Inc. (NASDAQ: ), Tahir Misbah, recently sold shares of the company’s stock, according to the latest filings with the SEC. The transaction, which took place on September 13, 2024, involved the sale of a total of 1,487 shares at an average price of $11.5388, for a total value of more than $17,000.

The sale was made in multiple trades with prices ranging from $11.20 to $11.795, as detailed in the filing’s footnotes. This price variation indicates that the stock was not sold at a single price point, but rather at different prices throughout the trading window. The average sales price reported is the weighted average of these transactions.

Following the sale, Misbah still holds a significant number of shares in IGM Biosciences, with a post-transaction amount of 122,694 shares held. 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 the withholding tax obligations associated with the grant of the restricted stock units. This is a common practice for directors and employees who receive equity compensation and are required to pay taxes upon the grant of their shares.

IGM Biosciences, based in Mountain View, California, operates in the pharmaceuticals industry under industry 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 trading because it can provide insight into executives’ perspectives on the company’s current valuation and future prospects. While single trades don’t always indicate a trend, buying or selling patterns over time can be more indicative of gut feeling.

For those interested in tracking IGM Biosciences’ insider trading or stock performance, the company trades on the NASDAQ under the ticker symbol IGMS.

In other recent news, IGM Biosciences reported a wider second-quarter loss of $0.79 per share, different from the original estimate of net earnings of $0.21 per share. This prompted HC 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, estimated to support operations through Q2 2026.

IGM Biosciences also made significant progress in its early stage, as noted by Morgan Stanley, which maintained an overweight rating on the company. The progress of the 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 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, cutting price target. but maintaining an Outperform rating. Finally, IGM Biosciences perfected its collaboration with Sanofi (NASDAQ: ), now focusing exclusively on immunology and inflammation targets.

InvestingPro Insights

Following the recent transaction by the CFO of IGM Biosciences, Inc. (NASDAQ:IGMS), investors can look for additional context on the company’s financial health and stock performance. InvestingPro provides real-time data and analysis that can provide additional insight into a company’s position.

A noteworthy InvestingPro tip is that IGMS has more cash than debt on its balance sheet, which could be a sign of financial stability. Additionally, four analysts revised their earnings upward for the next period, suggesting a potential positive outlook for the company’s financial performance.

InvestingPro Data reveals a $1.05B market cap for IGMS, indicating the company’s size and scale in the pharmaceuticals industry. Despite a negative P/E ratio of -4.74, reflecting the company’s current lack of profitability, trailing twelve month revenue growth through Q2 2024 is 74%, signaling strong sales performance. However, it is important to note that the company experienced significant gross margin challenges with a margin of -6530.02% during the same period.

The stock has seen a substantial return over the past week, month and year, with a total one-week price return of 50.6% and a total one-year price return of 144.2%. These numbers indicate notable recent stock market performance that may be of interest to current and potential shareholders alike.

For those looking to delve deeper into IGMS’s stock and financial performance, InvestingPro offers additional advice and analysis. As of now, there are 16 more InvestingPro tips available for IGMS at https://www.investing.com/pro/IGMS that can help investors make more informed decisions.

This article was generated with support from AI and reviewed by an editor. For more information, see T&C.