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Tahir Misbah, Chief Financial Officer of IGM Biosciences, Inc. (NASDAQ:IGMS), recently sold a portion of his holdings in the company. According to a recent SEC filing, Misbah sold 7,329 shares of common stock on March 14, 2025. The shares were sold at an average price of $1.23, resulting in a total transaction value of $9,014. The transaction comes as IGMS trades near its 52-week low of $1.17, having declined over 80% year-to-date.
This sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units. Following the transaction, Misbah retains ownership of 180,324 shares in the company. The sale was executed in multiple trades, with prices ranging from $1.19 to $1.28.
IGM Biosciences, headquartered in Mountain View, California, is involved in the development of pharmaceutical preparations. The company, currently valued at $72.3 million, maintains a weak financial health score according to InvestingPro analysis, with its next earnings report scheduled for March 27, 2025. Investors can access comprehensive analysis and 15 additional key insights about IGMS through InvestingPro’s detailed research report.
In other recent news, IGM Biosciences has experienced significant developments affecting its operations and financial outlook. The company announced the halt of development on two key drug candidates, Imvotamab and IGM-2644, which has led to a workforce reduction of over 70%. This decision has prompted analysts at firms like Truist Securities and Morgan Stanley (NYSE:MS) to significantly reduce their price targets for the company’s stock to $2.00, maintaining a Hold rating and downgrading it to Underweight, respectively. Stifel analysts also downgraded the stock from Buy to Hold, with a new price target of $2.50, citing strategic challenges and the discontinuation of the company’s IgM-based TCE programs.
The discontinuation of these drug candidates has shifted IGM Biosciences’ focus solely to its collaboration with Sanofi (NASDAQ:SNY), which remains active and could potentially yield over $3 billion in milestone payments. This partnership involves IgM-based agonists targeting autoimmune and inflammatory diseases and includes three preclinical candidates. Despite the setbacks, the collaboration with Sanofi provides some potential for future value creation. As IGM Biosciences navigates these changes, investors are closely monitoring the company’s strategic realignment and its impact on future prospects.
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