Insider Selling: IGM Biosciences, Inc. (NASDAQ:IGMS) CFO Sells 8,741 Shares of Stock

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 shares were sold at an average price of $1.27, for a total value of $11,101.07. Following the completion of the transaction, the chief financial officer owned 170,061 shares in the company, valued at $215,977.47. This represents a 4.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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 value of $1,826.40.

IGM Biosciences Stock Up 0.4%

Shares of IGMS stock traded up $0.01 on Tuesday, reaching $1.27. The stock had a trading volume of 109,887 shares, compared to its average volume of 469,144. IGM Biosciences, Inc. has a 12 month low of $0.92 and a 12 month high of $22.50. The firm's 50-day moving average is $1.26 and its two-hundred day moving average is $1.32. The firm has a market capitalization of $75.62 million, a price-to-earnings ratio of -0.39 and a beta of 0.48.

IGM Biosciences (NASDAQ:IGMS - Get Free Report) last posted its earnings results on Tuesday, May 13th. The company reported ($0.86) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.45). The firm had revenue of $0.50 million during 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, sell-side analysts forecast that IGM Biosciences, Inc. will post -3.35 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut IGM Biosciences from a "hold" rating to a "sell" rating in a report on Saturday, June 7th. Two equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. According to data from MarketBeat, IGM Biosciences presently has a consensus rating of "Hold" and a consensus target price of $5.50.

Hedge Funds Weigh In On IGM Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Acadian Asset Management LLC acquired a new position in shares of IGM Biosciences in the first quarter worth about $97,000. AQR Capital Management LLC purchased a new stake in shares of IGM Biosciences during the first quarter worth about $275,000. Nuveen LLC purchased a new stake in IGM Biosciences in the first quarter valued at approximately $52,000. Invesco Ltd. acquired a new position in shares of IGM Biosciences during the first quarter worth $42,000. Finally, Deutsche Bank AG increased its stake in IGM Biosciences by 316.6% during the first quarter. Deutsche Bank AG now owns 46,773 shares of the company's stock valued at $54,000 after purchasing an additional 35,546 shares during the last quarter. Institutional investors own 42.79% of the company's stock.

IGM Biosciences Company Profile

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.