IGM Biosciences, Inc. (NASDAQ:IGMS) Chief Executive Officer Mary Beth Harler has sold shares of the company's stock, according to a recent regulatory filing. The transaction comes as the stock trades near $7.10, down 9% in the past week and significantly below its 52-week high of $22.50. According to InvestingPro analysis, the company currently shows a weak financial health score. On December 16, Harler sold 1,708 shares at a weighted average price of $7.48, totaling approximately $12,775. Following this transaction, Harler retains ownership of 347,032 shares in the company.
The sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units, as noted in the filing. The shares were sold in multiple trades, with prices ranging from $7.00 to $7.84. Harler has committed to providing detailed information on the number of shares sold at each price upon request.
In other recent news, IGM Biosciences has seen significant strategic shifts in its focus towards the development of autoimmune disease treatments. BMO Capital has set a $21 target for the company, while RBC Capital Markets adjusted its outlook, increasing the price target to $20.00 from the previous $17.00. However, Truist Securities downgraded the company's stock from Buy to Hold and halved the price target to $12.
The company's Q2 financial results revealed a net loss of $0.79 per share, deviating 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.
The company's decision to discontinue earlier-stage oncology development efforts has effectively extended its cash runway into 2027. This strategic shift is seen as a move to optimize resources and extend financial sustainability. The company's new focus is on autoimmune applications accessible through its T cell-engaging bispecific pipeline, particularly imvotamab and IGM-2644.
Various analyst firms have updated their ratings for IGM Biosciences. Jefferies and Morgan Stanley (NYSE:MS) maintained their Buy and Equalweight ratings respectively, while JPMorgan downgraded the company from 'Neutral' to 'Underweight'. These developments underscore the company's commitment to its new strategic direction and its efforts to advance its clinical programs.
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