Price Target Changed • Aug 08
Price target decreased by 33% to US$1.12 Down from US$1.69, the current price target is an average from 2 analysts. New target price is 12% below last closing price of US$1.27. The company is forecast to post a net loss per share of US$1.65 next year compared to a net loss per share of US$3.24 last year. Anuncio • Jul 17
IGM Biosciences, Inc.(NasdaqGS:IGMS) dropped from NASDAQ Biotechnology Index IGM Biosciences, Inc. has been dropped from the NASDAQ Biotechnology Index. Anuncio • Jul 02
Concentra Biosciences, LLC agreed to acquire IGM Biosciences, Inc. (NasdaqGS:IGMS) for $76.3 million. Concentra Biosciences, LLC agreed to acquire IGM Biosciences, Inc. (NasdaqGS:IGMS) for $76.3 million on July 1, 2025. A cash consideration valued at $1.247 per share will be paid by Concentra Biosciences, LLC. The consideration consists of contingent value rights of Concentra Biosciences, LLC to be issued for common equity of IGM Biosciences, Inc. As part of consideration, an undisclosed value is paid towards Restricted Stock Units common equity, an undisclosed value is paid towards common equity and an undisclosed value is paid towards options of IGM Biosciences, Inc. In case of termination of transaction, Concentra Biosciences, LLC will pay a termination fee of $0.50 million and IGM will pay a termination fee of $2.42 million.
The transaction subjected to IGM shareholders approval and minimum tender. The deal has been unanimously approved by the board. The expected completion of the transaction in August 2025. Pursuant and subject to the terms of the Merger Agreement, Concentra will commence a tender offer by July 16, 2025.
Tony Jeffries, Robert Ishii and Ethan Lutske of Wilson Sonsini Goodrich & Rosati, P.C. acted as legal advisor for IGM Biosciences, Inc. Ryan A. Murr of Gibson, Dunn & Crutcher LLP acted as legal advisor for Concentra Biosciences, LLC. Anuncio • Jun 12
IGM Biosciences Receives Nasdaq Non-Compliance Notice Regarding MVLS Requirement On June 6, 2025, IGM Biosciences, Inc. (the Company") received written notice (the Notice") from The Nasdaq Stock Market LLC (Nasdaq") indicating that the Company is no longer in compliance with the minimum Market Value of Listed Securities (MVLS") of $50,000,000 required for continued listing on The Nasdaq Global Select Market, as set in Nasdaq Listing Rule 5450(b)(2)(A) (the MVLS Requirement"). The Notice has no effect at this time on the listing of the Company's common stock (the Common Stock"), which continues to trade on The Nasdaq Global Select Market under the symbol IGMS". In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has a period of 180 calendar days, or until December 3, 2025 (the Compliance Date"), to regain compliance with the MVLS Requirement. To regain compliance, the Company's MVLS must close at $50,000,000 or more for a minimum of 10 consecutive business days prior to the Compliance Date. In the event the Company does not regain compliance with the MVLS Requirement prior to the Compliance Date, Nasdaq will notify the Company that its securities are subject to delisting, at which point the Company may appeal the delisting determination to a Nasdaq hearings panel. The Company intends to actively monitor its MVLS and may, if appropriate, consider implementing available options to regain compliance with the MVLS Requirement. The Company may also choose to transfer the listing of its Common Stock to The Nasdaq Capital Market. There can be no assurance that the Company will be able to regain compliance with Nasdaq Listing Rule 5450(b)(2)(A), or maintain compliance with any other listing requirements, or satisfy the requirements necessary to transfer the listing of its Common Stock to The Nasdaq Capital Market. Anuncio • May 10
IGM Biosciences, Inc. Announces Workforce Reduction and Closure of Remaining Lab and Office Facilities IGM Biosciences, Inc. announced that in connection with the Agreement termination, the Company implemented an approximately 80% reduction in its remaining workforce and closed most of its remaining lab and office facilities to preserve cash. The Company continues to evaluate potential strategic alternatives and reorganization options. Major Estimate Revision • Apr 09
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -US$1.50 to -US$1.71 per share. Revenue forecast of US$9.76m unchanged since last update. Biotechs industry in the US expected to see average net income decline 12% next year. Consensus price target down from US$2.18 to US$1.88. Share price fell 14% to US$1.06 over the past week. Major Estimate Revision • Mar 13
Consensus revenue estimates increase by 29%, EPS downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from US$7.71m to US$9.92m. EPS estimate fell from -US$1.03 to -US$1.29 per share. Biotechs industry in the US expected to see average net income decline 13% next year. Consensus price target of US$3.03 unchanged from last update. Share price fell 7.9% to US$1.29 over the past week. Breakeven Date Change • Mar 08
No longer forecast to breakeven The 5 analysts covering IGM Biosciences no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$1.33m in 2027. New consensus forecast suggests the company will make a loss of US$2.99m in 2027. Reported Earnings • Mar 07
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: US$3.24 loss per share (improved from US$4.71 loss in FY 2023). Net loss: US$195.8m (loss narrowed 21% from FY 2023). Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 3.7%. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 57% per year, which means it is significantly lagging earnings. New Risk • Jan 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$98.7m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (23% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$3.7m net loss in 3 years). Revenue is less than US$5m (US$2.9m revenue). Market cap is less than US$100m (US$98.7m market cap). Breakeven Date Change • Jan 12
Forecast to breakeven in 2027 The 10 analysts covering IGM Biosciences expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$5.54m in 2027. Average annual earnings growth of 69% is required to achieve expected profit on schedule. Price Target Changed • Jan 10
Price target decreased by 36% to US$12.50 Down from US$19.40, the current price target is an average from 10 analysts. New target price is 498% above last closing price of US$2.09. Stock is down 81% over the past year. The company is forecast to post a net loss per share of US$3.43 next year compared to a net loss per share of US$4.71 last year. Anuncio • Jan 10
IGM Biosciences, Inc. Provides Strategic Update on Autoimmunity Pipeline Programs IGM Biosciences, Inc. announced a strategic update to halt further development of imvotamab, an IgM-based CD20 X CD3 bispecific antibody T cell engager, and IGM-2644, an IgM-basedCD38 X CD3 bispecific antibodies T cell engager, for autoimmune diseases. Interim data from the Phase 1b studies of imvotamab in rheumatoid arthritis and systemic lupus erythematosus show that the depth and consistency of B cell depletion is insufficient to meet high bar for success. The Company is currently evaluating internal options as well as potential strategic alternatives with the goal of maximizing value for its shareholders. While this internal evaluation and strategic exploration are ongoing, the Company is immediately taking steps, including an approximately 73% reduction in force, to preserve cash. Major Estimate Revision • Nov 15
Consensus revenue estimates increase by 16%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$2.17m to US$2.52m. EPS estimate fell from -US$3.16 to -US$3.44 per share. Biotechs industry in the US expected to see average net income decline 14% next year. Consensus price target broadly unchanged at US$19.60. Share price fell 30% to US$10.10 over the past week. Reported Earnings • Nov 10
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: US$1.01 loss per share (improved from US$1.04 loss in 3Q 2023). Net loss: US$61.4m (flat on 3Q 2023). Revenue exceeded analyst estimates by 113%. Earnings per share (EPS) missed analyst estimates by 24%. Revenue is forecast to grow 62% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. Major Estimate Revision • Oct 02
Consensus revenue estimates decrease by 74% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from US$8.30m to US$2.17m. EPS estimate unchanged at -US$3.16 per share. Biotechs industry in the US expected to see average net income decline 14% next year. Consensus price target down from US$21.80 to US$19.10. Share price fell 12% to US$14.40 over the past week. Price Target Changed • Oct 01
Price target decreased by 13% to US$19.10 Down from US$21.90, the current price target is an average from 10 analysts. New target price is 32% above last closing price of US$14.50. Stock is up 116% over the past year. The company is forecast to post a net loss per share of US$3.16 next year compared to a net loss per share of US$4.71 last year. Major Estimate Revision • Sep 06
Consensus revenue estimates increase by 281% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from US$2.18m to US$8.30m. Forecast losses expected to reduce from -US$3.26 to -US$3.13 per share. Biotechs industry in the US expected to see average net income decline 14% next year. Consensus price target broadly unchanged at US$21.44. Share price was steady at US$10.25 over the past week. Major Estimate Revision • Aug 21
Consensus revenue estimates fall by 95% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$45.8m to US$2.20m. Forecast losses increased from -US$2.66 to -US$3.23 per share. Biotechs industry in the US expected to see average net income decline 14% next year. Consensus price target broadly unchanged at US$21.67. Share price rose 12% to US$9.94 over the past week. Reported Earnings • Aug 15
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: US$0.79 loss per share (improved from US$1.43 loss in 2Q 2023). Net loss: US$47.9m (loss narrowed 26% from 2Q 2023). Revenue missed analyst estimates by 98%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 66% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. Recent Insider Transactions Derivative • Jul 28
Independent Director notifies of intention to sell stock Julie Hambleton intends to sell 15k shares in the next 90 days after lodging an Intent To Sell Form on the 25th of July. If the sale is conducted around the recent share price of US$13.95, it would amount to US$211k. Since March 2024, Julie has owned 2.00k shares directly. Company insiders have collectively sold US$576k more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • May 26
Consensus revenue estimates increase by 15% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from US$39.8m to US$45.8m. Forecast losses expected to reduce from -US$2.78 to -US$2.66 per share. Biotechs industry in the US expected to see average net income decline 11% next year. Consensus price target of US$21.40 unchanged from last update. Share price rose 3.6% to US$9.55 over the past week. Major Estimate Revision • May 15
Consensus revenue estimates increase by 1,210% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from US$3.04m to US$39.8m. Forecast losses expected to reduce from -US$3.25 to -US$2.78 per share. Biotechs industry in the US expected to see average net income decline 9.7% next year. Consensus price target broadly unchanged at US$21.40. Share price was steady at US$9.49 over the past week. Reported Earnings • May 09
First quarter 2024 earnings released: US$0.83 loss per share (vs US$1.33 loss in 1Q 2023) First quarter 2024 results: US$0.83 loss per share (improved from US$1.33 loss in 1Q 2023). Net loss: US$49.8m (loss narrowed 16% from 1Q 2023). Revenue is forecast to grow 63% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 48% per year, which means it is performing significantly worse than earnings. Anuncio • May 09
IGM Biosciences, Inc. Provides Revenue Guidance for the Second Quarter and Full Year 2024 IGM Biosciences, Inc. provided revenue guidance for the second quarter and full year 2024. Collaboration revenue of $62 million is expected to be recognized in the second quarter of 2024. The Company expects to recognize full year collaboration revenue of approximately $63 million. Anuncio • Apr 28
IGM Biosciences, Inc., Annual General Meeting, Jun 11, 2024 IGM Biosciences, Inc., Annual General Meeting, Jun 11, 2024, at 08:00 Pacific Standard Time. Agenda: To elect three Class II directors to serve until the 2027 annual meeting of stockholders or until their successors are duly elected and qualified; to ratify the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for the company's fiscal year ending December 31, 2024; to approve an amendment to the company's amended and restated certificate of incorporation to limit the liability of certain officers as permitted by Delaware law; to approve a stock option exchange program for employees (excluding the company's chief executive officer and nonemployee directors); and to transact such other business as may properly come before the Annual Meeting or any adjournments or postponements thereof. New Risk • Apr 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$211m net loss in 3 years). Shareholders have been diluted in the past year (37% increase in shares outstanding). Significant insider selling over the past 3 months (US$282k sold). Revenue is less than US$5m (US$2.1m revenue). Recent Insider Transactions • Mar 18
CEO, President & Director recently sold US$90k worth of stock On the 14th of March, Fred Schwarzer sold around 9k shares on-market at roughly US$10.01 per share. This transaction amounted to 3.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Fred has been a net seller over the last 12 months, reducing personal holdings by US$213k. Major Estimate Revision • Mar 15
Consensus EPS estimates upgraded to US$3.26 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -US$3.88 to -US$3.26 per share. Revenue forecast unchanged from US$3.04m at last update. Biotechs industry in the US expected to see average net income decline 8.3% next year. Consensus price target up from US$20.60 to US$21.50. Share price fell 16% to US$10.20 over the past week. Reported Earnings • Mar 08
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: US$4.71 loss per share. Net loss: US$246.4m (loss widened 11% from FY 2022). Revenue missed analyst estimates by 9.7%. Earnings per share (EPS) exceeded analyst estimates by 2.1%. Revenue is forecast to grow 61% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Biotechs industry in the US. Board Change • Mar 05
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. Director Elizabeth Thompson was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 20
Consensus revenue estimates decrease by 13%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$2.71m to US$2.36m. EPS estimate increased from -US$5.29 to -US$4.93 per share. Biotechs industry in the US expected to see average net income growth of 10% next year. Consensus price target down from US$22.60 to US$20.60. Share price rose 29% to US$6.01 over the past week. Reported Earnings • Nov 15
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: US$1.04 loss per share. Net loss: US$62.0m (loss widened 6.8% from 3Q 2022). Revenue missed analyst estimates by 37%. Earnings per share (EPS) exceeded analyst estimates by 17%. Revenue is forecast to grow 71% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Biotechs industry in the US. New Risk • Oct 29
New major risk - Revenue and earnings growth Earnings have declined by 46% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 46% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (37% increase in shares outstanding). Revenue is less than US$5m (US$1.7m revenue). Anuncio • Oct 05
IGM Biosciences, Inc. Announces Board Changes IGM Biosciences, Inc. announced that Michael Loberg, Ph.D. has retired from its Board of Directors, including as Chairman, effective October 3, 2023. Dr. Loberg has served as a member of the IGM Biosciences Board of Directors since 2015 and as Chairman of the Board since 2018. IGM Biosciences announced the appointment of Elizabeth H.Z. Thompson, Ph.D. to its Board of Directors. Dr. Thompson is an accomplished drug development professional who has been involved in the development of important marketed medicines, most recently as the Executive Vice President of Research and Development at Horizon Therapeutics. Dr. Thompson currently serves as Executive Vice President of Research and Development at Horizon Therapeutics. She is also a member of the board of California Life Sciences, an influential life sciences membership organization. At Horizon, Dr. Thompson is responsible for overseeing all research and development activities across the company's preclinical, clinical and marketed products. She played an important role in the acquisition and integration of Viela Bio as well as the expedited filing and approval of TEPEZZA®, along with its successful FDA Advisory Committee meeting. Dr. Thompson previously served as a Group Scientific Director in pharmaceutical development at AbbVie, acting as clinical lead and supporting global submissions and approvals for SKYRIZI®. She previously held positions across the clinical development, business development and medical communications fields as Search and Evaluation Lead at Raptor Pharmaceuticals, Head of Scientific Communications and Publications at InterMune and Development Clinical Director and Licensing Director at Amgen. Dr. Thompson holds a Ph.D. in Macromolecular and Cellular Structure and Chemistry from the Scripps Research Institute and a B.S. in Chemistry from Harvey Mudd College. Price Target Changed • Aug 04
Price target decreased by 7.8% to US$30.09 Down from US$32.64, the current price target is an average from 11 analysts. New target price is 232% above last closing price of US$9.06. Stock is down 52% over the past year. The company is forecast to post a net loss per share of US$5.57 next year compared to a net loss per share of US$5.32 last year. New Risk • Jun 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 37% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$260m net loss in 3 years). Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (37% increase in shares outstanding). Significant insider selling over the past 3 months (US$90k sold). Revenue is less than US$5m (US$1.6m revenue). Anuncio • Jun 23
IGM Biosciences, Inc. announced a financing transaction IGM Biosciences, Inc. announced that it will raise an equity round of funding on June 21, 2023. The company will issue non-voting common shares in the transaction. Anuncio • Jun 01
IGM Biosciences, Inc. Announces FDA Clearance to Begin Clinical Studies of Imvotamab in Lupus and Rheumatoid Arthritis IGM Biosciences, Inc. announced that the U.S. Food and Drug Administration (FDA) has cleared two Investigational New Drug (IND) applications for imvotamab, an IgM-based CD20 X CD3 bispecific antibody T cell engager, enabling the initiation of Phase 1b studies in both severe systemic lupuserythematosus (SLE) and severe rheumatoid arthritis (RA). The Company plans to begin patient enrollment in both multicenter clinical studies in the third quarter of 2023. The data from non-Hodgkin's lymphoma clinical studies indicate that imvotamab can deplete CD20 expressing B cells, even rapidly growing lymphomacells, with a favorable safety profile as compared with other T cell engaging CD20 x CD3 antibodies. Emerging data with cell-based therapies suggest that deep B cell depletion may have the potential to reset the immune system in patients with certain autoimmune diseases. Imvotamab has also demonstrated in preclinical in vitro studies that it can be more effective in depleting B cells with low levels of CD20 expression as compared to rituximab. Major Estimate Revision • May 19
Consensus revenue estimates decrease by 43%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$5.42m to US$3.09m. EPS estimate increased from -US$5.94 to -US$5.82 per share. Biotechs industry in the US expected to see average net income decline 81% next year. Consensus price target down from US$32.64 to US$30.45. Share price fell 13% to US$11.27 over the past week. Major Estimate Revision • Apr 06
Consensus revenue estimates decrease by 50% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$10.9m to US$5.42m. EPS estimate unchanged at -US$5.94 per share. Biotechs industry in the US expected to see average net income decline 50% next year. Consensus price target down from US$39.27 to US$32.64. Share price fell 34% to US$11.27 over the past week. Price Target Changed • Apr 04
Price target decreased by 17% to US$32.64 Down from US$39.27, the current price target is an average from 11 analysts. New target price is 133% above last closing price of US$14.00. Stock is down 39% over the past year. The company is forecast to post a net loss per share of US$5.94 next year compared to a net loss per share of US$5.32 last year. Anuncio • Jan 18
IGM Biosciences Initiates First-In-Human Clinical Trial of Igm-7354 in Solid Tumors IGM Biosciences, Inc. announced that the first patient has been dosed in its Phase 1 clinical trial evaluating IGM-7354, a targeted IL-15/IL-15R IgM antibody whichcould potentially be used for the treatment of patients with solid and hematologic malignancies. The multicenter, open-label, dose escalation Phase 1 clinical trial will evaluate IGM-7354 intravenously administered as a monotherapy in patients with relapsed and/or refractory solid tumor cancers. The key objectives of this trial are to provide an initial assessment of pharmacokinetics, safety and immune cell proliferation. If IGM-7354 shows an encouraging safety profile and significant increases in T cells and natural killer (NK) cells in this clinical trial, the Company may begin combination studies of IGM-7354 with T cell engaging antibodies in 2024. The Company may also decide to pursue combination studies with CAR-T or CAR-NK cells with a partner. Anuncio • Jan 10
IGM Biosciences Announces Update on Igm-8444 Phase 1 Trial and Future Clinical Development IGM Biosciences, Inc. announced an update on its clinical development program for IGM-8444, a novel multivalent DR5 agonist, and announced plans for a new randomized combination trial in patients with metastatic colorectal cancer. Initial Phase 1 data reported from a cohort of patients with combination treatment of IGM-8444 and FOLFIRI showed an encouraging safety profile which was broadly comparable to that expected from chemotherapy alone in this setting. Specifically, there was no drug related clinically significant hepatotoxicity, with only grade 1 and grade 2 transient liver enzyme elevations observed. In patients with metastatic colorectal cancer, the combination of IGM-8444 and FOLFIRI showed promising activity, with multiple confirmed responses observed even in patients who had previously progressed on FOLFIRI. In 13 metastatic patients treated with doses of IGM-8444 from 1 to 10 mg/kg plus standard doses of FOLFIRI chemotherapy, there were four responses observed (three confirmed at 3mg/kg), and one additional patient had substantial tumor shrinkage allowing for subsequent complete surgical resection. Responses occurred in patients with KRAS wild type and mutated tumors and in patients with or without liver metastases. The majority of patients were on their third line of treatment or beyond and 10 of the 13 patients had previously been treated with FOLFIRI chemotherapy. Median progression free survival (PFS) among nine 3L+ patients was 5.5 months, with the longest observed PFS extending beyond 12 months. Recent Insider Transactions • Dec 22
CEO, President & Director recently sold US$235k worth of stock On the 16th of December, Fred Schwarzer sold around 12k shares on-market at roughly US$18.98 per share. This transaction amounted to 5.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Fred has been a net seller over the last 12 months, reducing personal holdings by US$285k. Recent Insider Transactions Derivative • Dec 19
CEO, President & Director notifies of intention to sell stock Fred Schwarzer intends to sell 14k shares in the next 90 days after lodging an Intent To Sell Form on the 15th of December. If the sale is conducted around the recent share price of US$19.12, it would amount to US$262k. For the year to December 2018, Fred's total compensation was 6% salary and 94% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2022, Fred's direct individual holding has increased from 198.65k shares to 201.45k. Company insiders have collectively bought US$1.5m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Nov 16
Independent Director recently bought US$1.0m worth of stock On the 8th of November, M. Behrens bought around 60k shares on-market at roughly US$17.14 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$3.4m more in shares than they have sold in the last 12 months. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. Independent Director Felix Baker was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Nov 12
Independent Director recently bought US$1.0m worth of stock On the 8th of November, M. Behrens bought around 60k shares on-market at roughly US$17.14 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$3.4m more in shares than they have sold in the last 12 months. Recent Insider Transactions Derivative • Oct 08
Chief Scientific Officer exercised options and sold US$548k worth of stock On the 4th of October, Bruce Keyt exercised 25k options at a strike price of around US$0.93 and sold these shares for an average price of US$22.84 per share. This trade did not impact their existing holding. Since December 2021, Bruce's direct individual holding has increased from 4.21k shares to 6.18k. Company insiders have collectively bought US$479k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Oct 01
Independent Chairman of the Board recently bought US$140k worth of stock On the 28th of September, Michael Loberg bought around 7k shares on-market at roughly US$20.89 per share. This transaction amounted to 10% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Michael has been a buyer over the last 12 months, purchasing a net total of US$640k worth in shares. Recent Insider Transactions Derivative • Sep 10
Chief Scientific Officer exercised options and sold US$460k worth of stock On the 8th of September, Bruce Keyt exercised 25k options at a strike price of around US$0.93 and sold these shares for an average price of US$19.34 per share. This trade did not impact their existing holding. Since December 2021, Bruce's direct individual holding has increased from 4.21k shares to 6.18k. Company insiders have collectively bought US$613k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Aug 24
Chief Scientific Officer exercised options and sold US$531k worth of stock On the 22nd of August, Bruce Keyt exercised 25k options at a strike price of around US$0.93 and sold these shares for an average price of US$22.17 per share. This trade did not impact their existing holding. Since September 2021, Bruce's direct individual holding has increased from 4.07k shares to 6.18k. Company insiders have collectively bought US$897k more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • Aug 23
Price target decreased to US$43.78 Down from US$49.56, the current price target is an average from 7 analysts. New target price is 122% above last closing price of US$19.69. Stock is down 73% over the past year. The company is forecast to post a net loss per share of US$5.77 next year compared to a net loss per share of US$4.93 last year. Major Estimate Revision • Aug 15
Consensus revenue estimates fall by 98% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$41.7m to US$840.0k. Forecast losses increased from -US$4.79 to -US$5.77 per share. Biotechs industry in the US expected to see average net income decline 77% next year. Consensus price target down from US$49.56 to US$47.89. Share price rose 30% to US$27.01 over the past week.