Steven Weber, Principal Accounting Officer at IGM Biosciences, Inc. (NASDAQ:IGMS), recently sold 539 shares of the company’s common stock. The transaction, which took place on December 16, was executed at a weighted average price of $7.48 per share, totaling approximately $4,031. This sale was carried out to cover tax withholding obligations related to the vesting of restricted stock units. Following this transaction, Weber retains ownership of 31,704 shares in the company. While the company maintains a strong liquidity position with a current ratio of 5.22 and more cash than debt on its balance sheet, InvestingPro analysis indicates the stock is currently trading below its Fair Value. Investors can access the comprehensive Pro Research Report and 12 additional ProTips for IGMS on InvestingPro.
In other recent news, IGM Biosciences has undergone significant strategic shifts, focusing on the development of treatments for autoimmune diseases. The company's Q2 financial results revealed a net loss of $0.79 per share, deviating from the initially projected gain of $0.21 per share. However, H.C. Wainwright revised its full-year 2024 net loss projection for IGM Biosciences to $2.31 per share, an improvement from the previously estimated net loss of $3.27 per share.
BMO Capital has set a $21 target for IGM Biosciences with an Outperform rating, while RBC Capital Markets increased the price target to $20.00, maintaining its Outperform rating. On the other hand, Truist Securities adjusted its stance on IGM Biosciences shares, moving the rating from Buy to Hold and halving the price target to $12.
Stifel maintained a Buy rating and a $25.00 price target for IGM Biosciences, expressing a positive outlook on the potential of IGM Biosciences' pipeline. However, JPMorgan downgraded the company from 'Neutral' to 'Underweight' and reduced its price target to $9.00. These are recent developments in the analytical outlook for IGM Biosciences.
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