IGM Biosciences, Inc. (NASDAQ:IGMS) CFO Misbah Tahir Sells 8,741 Shares

Key Points

• Misbah Tahir, CFO of IGM Biosciences, sold 8,741 shares at an average price of $1.27, decreasing his holdings by 4.89%.
• IGM Biosciences reported a quarterly loss of ($0.86) earnings per share, significantly missing analysts' expectations of ($0.41).
• Wall Street analysts have downgraded IGM Biosciences from a "hold" to a "sell" rating, reflecting concerns over its performance and potential growth.

IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report) CFO Misbah Tahir sold 8,741 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $1.27, for a total transaction of $11,101.07. Following the completion of the transaction, the chief financial officer directly owned 170,061 shares of the company's stock, valued at $215,977.47. This represents a 4.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Misbah Tahir also recently made the following trade(s):

• On Monday, June 16th, Misbah Tahir sold 1,522 shares of IGM Biosciences stock. The stock was sold at an average price of $1.20, for a total transaction of $1,826.40.

IGM Biosciences Trading Down 0.8%

Shares of NASDAQ:IGMS traded down $0.01 during trading on Friday, reaching $1.27. 108,756 shares of the company traded hands, compared to its average volume of 1,299,420. The firm has a fifty day simple moving average of $1.26 and a 200 day simple moving average of $1.43. IGM Biosciences, Inc. has a 1-year low of $0.92 and a 1-year high of $22.50.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($0.86) earnings per share for the quarter, missing analysts' consensus estimates of ($0.41) by ($0.45). The business had revenue of $0.50 million for the quarter, compared to the consensus estimate of $4.25 million. IGM Biosciences had a negative net margin of 7,417.79% and a negative return on equity of 317.97%. On average, equities analysts expect that IGM Biosciences, Inc. will post -3.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered shares of IGM Biosciences from a "hold" rating to a "sell" rating in a research note on Saturday, June 7th. Two investment analysts have rated the stock with a sell rating and nine have given a hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $5.50.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Sanofi bought a new position in shares of IGM Biosciences during the 4th quarter valued at $8,792,000. Two Sigma Investments LP raised its holdings in shares of IGM Biosciences by 196.7% during the 4th quarter. Two Sigma Investments LP now owns 107,620 shares of the company's stock valued at $658,000 after purchasing an additional 71,343 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in IGM Biosciences by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 157,843 shares of the company's stock worth $964,000 after acquiring an additional 9,441 shares during the period. Geode Capital Management LLC raised its holdings in IGM Biosciences by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 409,133 shares of the company's stock worth $2,501,000 after acquiring an additional 13,334 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in IGM Biosciences by 14.0% in the 4th quarter. Renaissance Technologies LLC now owns 75,800 shares of the company's stock worth $463,000 after acquiring an additional 9,300 shares during the period. Institutional investors own 42.79% of the company's stock.

About IGM Biosciences

IGM Biosciences, Inc, a clinical-stage biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of cancer and autoimmune and inflammatory diseases. It develops Aplitabart, a Death Receptor 5 Agonist IgM antibody for the treatment of colorectal cancer; imvotamab, a CD20 x CD3 bispecific IgM antibody to treat myositis, as well as for the treatment of systemic lupus erythematosus and rheumatoid arthritis that is Phase Ib clinical trial; and IGM-2644, a bispecific T cell engaging IgM antibody targeting CD38 and CD3 proteins for the treatment of autoimmune diseases.

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