Mary Beth Harler Sells 14,501 Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) Stock

Key Points

• CEO Mary Beth Harler sold 14,501 shares of IGM Biosciences at an average price of $1.27, totaling approximately $18,416.27, reducing her ownership by 4.29%.
• IGM Biosciences reported a quarterly loss of ($0.86) EPS, significantly missing analysts' expectations and generating only $0.50 million in revenue versus forecasts of $4.25 million.
• Wall Street analysts recently downgraded IGM Biosciences from a "hold" to a "sell" rating, with a consensus price target of $5.50.

IGM Biosciences, Inc. (NASDAQ:IGMS - Get Free Report) CEO Mary Beth Harler sold 14,501 shares of the business's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $1.27, for a total value of $18,416.27. Following the completion of the transaction, the chief executive officer directly owned 323,680 shares of the company's stock, valued at approximately $411,073.60. This trade represents a 4.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Mary Beth Harler also recently made the following trade(s):

• On Monday, June 16th, Mary Beth Harler sold 1,522 shares of IGM Biosciences stock. The shares were sold at an average price of $1.20, for a total value of $1,826.40.

IGM Biosciences Stock Performance

NASDAQ IGMS traded down $0.01 during trading hours on Friday, reaching $1.27. The company's stock had a trading volume of 108,756 shares, compared to its average volume of 1,299,420. IGM Biosciences, Inc. has a 1-year low of $0.92 and a 1-year high of $22.50. The company's 50-day moving average is $1.26 and its two-hundred day moving average is $1.43.

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 during the quarter, compared to analyst estimates of $4.25 million. IGM Biosciences had a negative return on equity of 317.97% and a negative net margin of 7,417.79%. Sell-side analysts anticipate that IGM Biosciences, Inc. will post -3.35 EPS for the current fiscal year.

Hedge Funds Weigh In On IGM Biosciences

Large investors have recently bought and sold shares of the business. Invesco Ltd. acquired a new position in IGM Biosciences in the 1st quarter worth about $42,000. Nuveen LLC acquired a new position in IGM Biosciences in the 1st quarter worth about $52,000. Deutsche Bank AG raised its holdings in IGM Biosciences by 316.6% in the 1st quarter. Deutsche Bank AG now owns 46,773 shares of the company's stock worth $54,000 after purchasing an additional 35,546 shares during the period. Acadian Asset Management LLC purchased a new stake in IGM Biosciences during the 1st quarter worth approximately $97,000. Finally, Eagle Bay Advisors LLC increased its stake in IGM Biosciences by 123.2% during the 1st quarter. Eagle Bay Advisors LLC now owns 99,635 shares of the company's stock worth $115,000 after buying an additional 55,000 shares in the last quarter. Institutional investors and hedge funds own 42.79% of the company's stock.

Wall Street Analysts Forecast Growth

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.