Precision Biosciences general counsel sells $4,815 worth of stock Via Investing.com
Dario Scimeca, General Counsel and Secretary of Company Precision BioSciences Inc . (NASDAQ:), recently made a stock transaction involving the sale of shares of the company. According to a Form 4 filing with the Securities and Exchange Commission, Scimeca sold 588 shares of Precision BioSciences common stock on November 4, 2024. The shares were sold at a price of $8.19 each, aggregating approximately $4,815.
The filing also highlighted that the sale was made under the Rule 10b5-1 pre-arranged trading plan, which was adopted on July 14, 2023. The transaction was a cover sale, meaning that the shares were sold to cover tax withholding obligations. related to the grant and payment of restricted stock units (RSUs). The RSUs, which vest on November 2, 2024, were part of a grant that was issued on November 2, 2022.
Following this transaction, Scimeca now directly owns 7,969 shares of the company’s common stock.
In other recent news, Precision BioSciences, a gene-editing company, has made major advances in its operations. The company recently maintained its Market Perform rating and $34.00 price target from BMO Capital, highlighting its upcoming clinical data for PBGENE-HBV and iECURE for Ornithine Transcarbamylase (OTC) deficiency. Precision BioSciences has also begun Phase 1 clinical trials of PBGENE-HBV, a potential cure for chronic hepatitis B, with approval in Moldova and applications pending in other regions.
The company’s gene editing platform, ARCUS, has demonstrated high gene editing potential, with efficiencies of over 85% in T cells and 39% in primary human hepatocytes. The potential of this platform goes beyond current gene editing methods, especially in diseases that require functional restoration.
In addition, Precision BioSciences received a $13 million convertible note payment from Imugene Limited, strengthening its financial resources. The company’s partner, iECURE, also received FDA Fast Track designation for its gene therapy candidate ECUR-506.
The company has reshuffled its clinical leadership team, appointing Dr. Murray Abramson as Senior Vice President, Head of Clinical Development, and John Fry as Strategic Clinical Advisor. This latest development is part of Precision BioSciences’ ongoing efforts to advance gene editing therapies.
InvestingPro Insights
Considering Dario Scimeca’s recent stock sales, it’s worth checking out Precision BioSciences Inc. (NASDAQ:DTIL) through the lens of InvestingPro data and tips. The company’s financial situation presents a mixed picture for investors to consider.
According to InvestingPro data, Precision BioSciences has a market capitalization of $61.41 million, with a price-to-earnings (P/E) ratio of 7.41. This very low P/E ratio would suggest that the stock is undervalued relative to its earnings. However, it is important to note that the company’s revenue growth has been volatile, with a significant quarterly decline of 95.61% in Q3 2024.
InvestingPro’s tip indicates that Precision BioSciences has more cash than debt on its balance sheet, which is a good sign of the company’s financial stability. This is in line with another tip which means that the company’s liquid assets exceed its short-term liabilities, which may provide a buffer against immediate financial stress.
Despite these positives, investors should be aware that Precision BioSciences is burning through cash quickly, as highlighted in another InvestingPro Tip. This rapid cash burn may be a concern, especially considering the company’s recent decline in revenue.
It’s also worth noting that the stock is trading near its 52-week high, which may be of interest to investors but could also indicate ongoing challenges for the company. The fact that Precision BioSciences does not pay dividends to shareholders further underscores the company’s focus on reinvesting or managing its cash position.
For those interested in in-depth analysis, InvestingPro offers additional tips and metrics that can provide additional insight into Precision BioSciences’ financial health and market condition. With 8 additional tips available on the InvestingPro platform, investors can gain a broader understanding of a company’s prospects and challenges.
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