IonQ reaches 1,000 patents milestone with new quantum computing grants
Steven Weber, the Principal Accounting Officer at IGM Biosciences, Inc. (NASDAQ:IGMS), sold 1,701 shares of the company’s common stock on March 14, according to a recent SEC filing. The transaction comes as the stock trades near its 52-week low of $1.17, having declined over 80% year-to-date. The shares were sold at an average price of $1.23, resulting in a total transaction value of approximately $2,092. Following the sale, Weber retains ownership of 28,881 shares. The transaction was executed to cover tax withholding obligations related to the vesting of restricted stock units. Despite recent market pressure, InvestingPro analysis shows the company maintains a strong financial position with more cash than debt on its balance sheet. For deeper insights into IGMS’s valuation and 15+ additional ProTips, explore the comprehensive Pro Research Report available on InvestingPro.
In other recent news, IGM Biosciences has seen significant developments affecting its financial and strategic direction. The company announced the suspension of two key drug candidates, imvotamab and IGM-2644, which were in development for autoimmune diseases. This decision has led to a drastic workforce reduction of over 70% and a shift in focus towards its collaboration with Sanofi (NASDAQ:SNY). Analysts from Truist Securities and Morgan Stanley (NYSE:MS) have responded by significantly cutting their price targets to $2.00, maintaining a Hold rating and downgrading to Underweight, respectively. Stifel also downgraded the stock from Buy to Hold, reducing its price target to $2.50, citing issues specific to IGM Biosciences’ platform. The company’s strategic shift is underscored by its ongoing collaboration with Sanofi, which holds potential for milestone payments exceeding $3 billion. Despite these challenges, the partnership with Sanofi remains a focal point for future value creation. Investors are closely monitoring how IGM Biosciences navigates these changes and explores strategic alternatives to rebuild its pipeline.
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