Tahir Misbah, the Chief Financial Officer of IGM Biosciences, Inc. (NASDAQ:IGMS), recently sold shares of the company's common stock. The transaction, which took place on December 16, involved the sale of 1,708 shares at a weighted average price of $7.48 per share, resulting in a total sale value of $12,775. The sale comes as the stock has faced significant pressure, down nearly 10% in the past week according to InvestingPro data.
According to the filing, these shares were sold to cover tax withholding obligations related to the vesting of restricted stock units. After the transaction, Misbah retains direct ownership of 187,653 shares in the company. The sale was executed in multiple trades, with prices ranging from $7.00 to $7.84 per share. InvestingPro analysis shows the company maintains a strong liquidity position with a current ratio of 5.22, while holding more cash than debt on its balance sheet. Discover more insights about IGMS and access detailed financial analysis in the comprehensive Pro Research Report, available with an InvestingPro subscription.
In other recent news, IGM Biosciences has been the subject of several analyst updates following its strategic pivot towards autoimmune disease treatments. BMO Capital set a $21 price target for the company, maintaining an Outperform rating, while RBC Capital revised its target to $17, also retaining an Outperform rating. Stifel echoed this positive sentiment with a Buy rating and a $25 price target, while Truist Securities downgraded the company to Hold, slashing its price target to $12. JPMorgan offered a less optimistic view, downgrading IGM Biosciences from 'Neutral' to 'Underweight' and reducing its price target to $9.
IGM Biosciences is focusing its efforts on the development of imvotamab, a CD20xCD3 bispecific antibody for autoimmune diseases, and IGM-2644. The company's Q2 financial results revealed a net loss of $0.79 per share, a deviation from the initially projected gain of $0.21 per share. However, H.C. Wainwright revised its full-year 2024 net loss projection for IGM Biosciences to $2.31 per share, an improvement from the previously estimated net loss of $3.27 per share.
These recent developments highlight the company's strategic shift and its ongoing commitment to advancing its clinical programs. The company's financial position appears robust, with a cash runway extended into 2027, expected to cover current plans and development milestones for both imvotamab and IGM-2644.
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