Igm biosciences chief accounting officer sells $1,907 worth of stock By Investing.com
Steven Weber, Chief Financial Officer at IGM Biosciences, Inc. (NASDAQ: ), recently sold shares of the company’s common stock. The transaction comes as the stock has experienced significant pressure, down more than 70% year to date according to InvestingPro data, with the current price of $1.77 representing just 8% of its 52-week high of $22.50. According to a filing with the Securities and Exchange Commission, Weber sold 1,122 shares on January 15, 2025, at a weighted average price of $1.70 per share. The transaction, which reached a total value of $1,907, was done on multiple exchanges at prices ranging from $1.60 to $1.76. The sale is intended to cover withholding tax obligations related to the grant of restricted stock units. Following this transaction, Weber owns 30,582 shares of IGM Biosciences. Despite recent price weakness, InvestingPro data shows that the company maintains a strong current ratio of 5.22 and holds more cash than debt on its balance sheet. Get access to 15+ more InvestingPro Tips and comprehensive analysis in the Expert Research report.
In other recent news, IGM Biosciences has made significant changes, including the withdrawal of two key drug candidates, imvotamab and IGM-2644, as well as a significant reduction in staff by 73%. This development led to a series of downgrades and price target adjustments by analyst firms. Truist Securities maintained a Hold rating on the stock but significantly lowered the price target from $12.00 to $2.00. Likewise, Morgan Stanley (NYSE:) downgraded the stock to Underweight and cut its price target to $2.00. Stifel revised their rating from Buy to Hold and lowered their target price to $2.50. RBC Capital Markets and BMO Capital Markets both downgraded the stock and significantly cut their price targets to $1.50 and $2.00, respectively. These updates were in response to recent strategic developments and vision for IGM Biosciences. Despite the challenges, the company maintains a strong liquidity position with a current ratio of 5.22. The future prospects of the company now depend on the success of its continued cooperation with it Sanofi (NASDAQ :), which remains the only project on its way.
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