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In a recent transaction, Mary Beth Harler, the Chief Executive Officer of IGM Biosciences, Inc. (NASDAQ:IGMS), sold 7,329 shares of the company’s common stock. The shares were sold on March 14 at a weighted average price of $1.23 per share, amounting to a total transaction value of $9,014. The transaction comes as IGM’s stock trades near its 52-week low of $1.17, having declined about 88% over the past year. According to InvestingPro analysis, the stock appears undervalued at current levels.
The sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units. Following this transaction, Harler holds 339,703 shares of IGM Biosciences. The shares were sold in multiple trades at prices ranging from $1.19 to $1.28. InvestingPro data shows the company maintains a strong balance sheet with more cash than debt, and investors should note that IGM’s next earnings report is scheduled for March 27. Get access to 15+ additional ProTips and comprehensive analysis with an InvestingPro subscription.
In other recent news, IGM Biosciences has announced significant changes to its operations following the decision to halt the development of two key drug candidates, imvotamab and IGM-2644. This decision has led to a significant workforce reduction of over 70% and a strategic shift towards evaluating internal and external alternatives. The discontinuation of these treatments, which were in trials for autoimmune diseases, has prompted analysts to reassess their outlook on the company. Stifel downgraded IGM Biosciences from Buy to Hold, with a reduced price target of $2.50, while Truist Securities and Morgan Stanley (NYSE:MS) both slashed their price targets to $2.00, maintaining Hold and downgrading to Underweight, respectively.
The company’s collaboration with Sanofi (NASDAQ:SNY) remains the only active project in its pipeline, focusing on IgM-based agonists targeting autoimmune and inflammatory diseases. This partnership offers potential milestone payments exceeding $3 billion, though it is still in the preclinical stage. Analysts from Stifel and Truist have highlighted the challenges IGM Biosciences faces, noting that the issues with imvotamab and IGM-2644 are likely specific to the company’s platform rather than the broader class of T-cell engager drugs. As IGM Biosciences navigates these developments, investors are closely monitoring how the company will adapt and leverage its collaboration with Sanofi for future growth.
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