In a recent transaction, Bruce Keyt, the Chief Scientific Officer of IGM Biosciences, Inc. (NASDAQ:IGMS), sold shares of the company's stock. The transaction, which took place on September 13, 2024, involved the sale of 1,487 shares at a weighted average price of $11.5388, resulting in a total value of approximately $17,158.
The sale was part of a transaction to cover tax withholding obligations related to the vesting of restricted stock units. The sales were executed in multiple trades with prices ranging from $11.20 to $11.795. The reported weighted average sale price takes into account the varying prices at which the shares were sold.
Following this transaction, Bruce Keyt's direct holdings in IGM Biosciences have been adjusted to 242,948 shares. Additionally, it's noted that 4,039 shares are held indirectly by Keyt's spouse.
Investors and followers of IGM Biosciences may find this information relevant as it reflects the trading activities of one of the company's top executives. The company, specializing in pharmaceutical preparations, is based in Mountain View, California, and operates under the jurisdiction of Delaware.
In other recent news, IGM Biosciences reported a wider Q2 net loss of $0.79 per share, diverging from the initially estimated net gain of $0.21 per share. This led to H.C. Wainwright reducing its price target for the company from $12 to $11, maintaining a Neutral rating. Despite this, the firm revised its full-year 2024 net loss projection for IGM Biosciences to an improved $2.31 per share, down from the previously estimated net loss of $3.27 per share.
IGM Biosciences also reported significant progress in its early-stage pipeline, with Morgan Stanley maintaining an Overweight rating on the company. They highlighted the ongoing Phase 1b study of imvotamab for rheumatoid arthritis and systemic lupus erythematosus, and the completion of enrollment for aplitabart in a Phase 1a/1b study for colorectal cancer.
Among the recent developments, IGM Biosciences elected three Class II directors and ratified Deloitte & Touche LLP as its independent accounting firm for the fiscal year ending December 31, 2024. An amendment limiting the liability of certain officers was approved, along with a stock option exchange program for employees. Lastly, IGM Biosciences refined its collaboration with Sanofi (NASDAQ:SNY), now focusing solely on immunology and inflammation targets.
InvestingPro Insights
IGM Biosciences, Inc. (NASDAQ:IGMS) has been making waves in the market with its recent performance. According to InvestingPro data, the company boasts a significant return over the last week, with a 50.6% price total return, and an even more impressive return over the last month at 93.22%. This upward trend is also reflected in the company's one-year price total return, which stands at 144.2%. These metrics suggest a strong bullish trend in the stock's recent performance, which could be of interest to potential investors.
With a market capitalization of $1.05 billion, IGM Biosciences is a sizeable player in the pharmaceutical preparations industry. However, the company's financial health shows some areas of concern. The gross profit margin for the last twelve months as of Q2 2024 stands at a negative 6530.02%, indicating that the company is spending significantly more to produce its goods than it is earning from their sale. Additionally, the adjusted operating income margin is also deeply negative at -8081.96%, suggesting operational challenges.
Despite these financial metrics, InvestingPro Tips highlight that IGM Biosciences holds more cash than debt on its balance sheet, which is a positive sign of liquidity and financial stability. Another notable point is that four analysts have recently revised their earnings upwards for the upcoming period, hinting at potential optimism around the company's future performance. However, it's important to note that analysts do not anticipate the company will be profitable this year, and the company is trading at a high revenue valuation multiple, which may suggest that the stock is priced optimistically relative to its actual revenue.
For those interested in a deeper analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/IGMS, which can provide further insights into IGM Biosciences' financial health and stock performance.
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