IGM Biosciences, Inc. (NASDAQ:IGMS) has reported a recent sale of company stock by CEO and President Fred Schwarzer, according to the latest SEC filings. The transactions, which took place on March 13 and 14, involved Schwarzer selling a total of 8,947 shares of IGM Biosciences common stock, resulting in proceeds exceeding $89,000.
The sale on March 13 comprised 4,765 shares at a weighted average price of $9.8752 per share. The following day, Schwarzer sold 4,182 shares at a weighted average price of $10.1705 per share. The transactions were executed in multiple trades with the price on March 13 ranging from $9.625 to $10.01, and on March 14, the shares were sold for between $9.80 and $10.43.
It was noted in the footnotes of the SEC filing that the shares were sold to cover tax withholding obligations related to the vesting of restricted stock units. Additionally, the shares are reported to be directly owned by Schwarzer, with an indirect ownership noted for shares held by the Schwarzer Family Trust.
Following the sale, Schwarzer still holds a significant number of shares in the company. After the transactions, his direct ownership stands at 216,651 shares, while the Schwarzer Family Trust holds 196,718 shares.
The SEC filing was signed on Schwarzer's behalf by Misbah Tahir, under power of attorney, on March 15, 2024. Investors and shareholders of IGM Biosciences can request detailed information about the sales transactions upon request to the SEC, the issuer, or a security holder of the issuer.
InvestingPro Insights
In light of the recent stock sales by IGM Biosciences' CEO and President, Fred Schwarzer, investors may be seeking a broader understanding of the company's financial health and market performance. According to InvestingPro data, IGM Biosciences currently holds a market capitalization of approximately $625.49 million, with a revenue growth of an impressive 99.25% in the last twelve months as of Q4 2023. Despite this significant revenue growth, the company has reported a negative gross profit margin of -9937.09% for the same period, highlighting challenges in profitability.
InvestingPro Tips indicate that analysts have revised their earnings expectations upwards for the upcoming period, suggesting potential optimism in the company's future performance. Additionally, the company holds more cash than debt on its balance sheet, which may provide some financial stability. However, it's important to note that analysts do not anticipate the company will be profitable this year, and the stock has experienced a significant decline over the last month, with a 30.91% drop in total return.
To delve deeper into the financial nuances of IGM Biosciences and access additional insights, investors can explore further InvestingPro Tips. There are currently 13 more tips available, which could provide valuable information for making informed decisions. For those interested in a comprehensive analysis, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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