Nexalin Technology, Inc.'s (OTC:NXL) Chief Medical Officer, David Owens, has recently increased his stake in the company through the purchase of shares valued at a total of $1,920. The transactions, which took place on June 10, 2024, were reported in a recent filing.
Owens acquired 2,000 shares at a price of $0.65 per share and an additional 1,000 shares at $0.62 per share, reflecting a price range between $0.62 and $0.65 for the purchases. Following these acquisitions, Owens now holds a total of 144,174 shares in Nexalin Technology.
The company, which is incorporated in Delaware, operates in the electromedical and electrotherapeutic apparatus sector, providing advanced technologies in the medical field. Nexalin Technology's shares are traded over the counter under the ticker symbol OTC:NXL.
Investors often monitor insider transactions as they can provide insights into executives' confidence in the company's future performance. Owens' recent investment aligns with this perspective, signaling a positive outlook for the company's prospects.
The filing did not disclose any sales of shares, indicating that the recent activity from the Chief Medical Officer was solely focused on increasing his ownership in Nexalin Technology.
In other recent news, Nexalin Technology, Inc. has regained compliance with the Nasdaq's minimum bid price requirement, as confirmed by a notification from the Nasdaq Stock Market. This development signifies the company's continued visibility in the investment community. Nexalin's CEO, Mark White, emphasized the company's commitment to advancing non-invasive neurostimulation technology for mental health.
In addition to this, Nexalin has reported positive results from a clinical study at the University of California, San Diego, demonstrating the effectiveness of its second-generation transcranial Alternating Current Stimulation (tACS) device in reducing symptoms of mild traumatic brain injury and PTSD in military veterans. The company also shared favorable outcomes from a clinical study on chronic insomnia treatment, with significant improvements in sleep parameters observed with the Gen-2 tACS device.
Furthermore, Nexalin introduced the HALO™ Clarity, a Gen-3 device that incorporates Deep Intracranial Frequency Stimulation. This new device will be available through Nexalin's Virtual Clinic, offering home treatment for patients under physician supervision. The company has also targeted the U.S. government market with a newly formed military and government advisory board, aiming to foster relationships within federal government organizations.
On the international front, Nexalin has received regulatory approval in Oman, marking a significant step in its global expansion strategy. These are the latest developments as Nexalin continues to pursue FDA approval for its tACS device and aims to expand its commercial presence both domestically and internationally.
InvestingPro Insights
In light of the recent insider transactions by Nexalin Technology, Inc.'s (OTC:NXL) Chief Medical Officer, David Owens, the company's financial health and stock performance metrics provided by InvestingPro offer additional context for investors. Notably, Nexalin Technology holds more cash than debt on its balance sheet, which is often seen as a sign of financial stability. Additionally, the company's high shareholder yield is indicative of a return on investment that could be favorable for shareholders.
The stock's performance data reveals a complex picture. On one hand, the company has experienced a significant price uptick over the last six months, with a 53.39% return. However, the short-term performance has seen a dip, with a 10.2% decrease over the last week and a steep 51.95% fall over the last month. This volatility is reflected in the company's high price volatility, which might be a point of consideration for risk-averse investors.
From a valuation standpoint, the market capitalization of Nexalin Technology stands at a modest 4.57 million USD. The stock is currently trading at a price that is 17.35% of its 52-week high, and the InvestingPro Fair Value estimate is at 0.54 USD, suggesting a potential undervaluation at the previous close price of 0.62 USD. Despite these figures, the company's price-to-earnings (P/E) ratio indicates that it has not been profitable over the last twelve months, with an adjusted P/E ratio for the last twelve months as of Q1 2024 at -0.76.
For investors seeking a deeper analysis, InvestingPro provides additional insights into Nexalin Technology, Inc. There are currently 11 InvestingPro Tips available, which could offer further guidance on the stock's potential and risks. To explore these insights, visit https://www.investing.com/pro/NXL and consider using the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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