Steven Weber, the Principal Accounting Officer at IGM Biosciences, Inc. (NASDAQ:IGMS), recently sold shares of the company's common stock. The transaction comes as the stock has experienced significant pressure, down over 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 approximately $1.70 per share. The transaction, which amounted to a total value of $1,907, was executed through multiple trades at prices ranging from $1.60 to $1.76. The sale was made to cover tax withholding obligations related to the vesting of restricted stock units. Following this transaction, Weber holds 30,582 shares of IGM Biosciences. Despite recent price weakness, InvestingPro data shows the company maintains a strong current ratio of 5.22 and holds more cash than debt on its balance sheet. Get access to 15+ additional InvestingPro Tips and comprehensive analysis in the Pro Research Report.
In other recent news, IGM Biosciences has made significant changes, including the discontinuation of two key drug candidates, imvotamab and IGM-2644, and a substantial workforce reduction of 73%. This development has led to a series of downgrades and adjustments in price targets by analyst firms. Truist Securities maintained a Hold rating on the stock but drastically reduced the price target from $12.00 to $2.00. Similarly, Morgan Stanley (NYSE:MS) downgraded the stock to Underweight and cut its price target to $2.00. Stifel also revised their rating from Buy to Hold and reduced their price target to $2.50. RBC Capital Markets and BMO Capital Markets both downgraded the stock and significantly reduced their price targets to $1.50 and $2.00, respectively. These revisions have been in response to recent developments in IGM Biosciences' strategy and outlook. Despite the challenges, the company maintains a strong liquidity position with a current ratio of 5.22. The company's future prospects now hinge on the success of its ongoing collaboration with Sanofi (EPA:SASY) (NASDAQ:SNY), which remains the sole project in its pipeline.
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