Opaleye Management Inc., a significant shareholder in Protara Therapeutics, Inc. (NASDAQ:TARA), has recently sold a substantial number of shares in the company. The transactions, which occurred on September 9 and 10, 2024, involved the sale of shares at prices ranging from $1.769 to $1.8947, resulting in total proceeds of approximately $114,250.
The sales were conducted in multiple transactions, with prices for the shares sold on September 9 ranging between $1.84 and $1.9566, and those on September 10 ranging from $1.69 to $1.81. The weighted average prices reported were $1.8947 for the first day's sales and $1.769 for the subsequent day.
On the first day, Opaleye Management disposed of 34,592 shares and another 1,900 shares through a managed account. The following day, an additional 24,000 shares were sold by Opaleye, L.P., and 1,500 shares by the managed account.
After these transactions, Opaleye Management Inc. continues to hold a significant stake in Protara Therapeutics, with 2,114,935 shares owned by Opaleye, L.P. and 53,100 shares by the managed account. The sales by Opaleye Management Inc. are a notable change in their investment in Protara Therapeutics, a company specializing in biological products.
Investors and the market will be watching closely to see how these transactions might influence Protara Therapeutics' stock performance and Opaleye Management's future investment strategy.
In other recent news, Protara Therapeutics has been witnessing promising developments. The biopharmaceutical company has reported positive results from its Phase II STARBORN trial for TARA-002, showing a complete response in two out of three patients after a single dose, indicating potential for treating non-muscle invasive bladder cancer (NMIBC). The safety profile of TARA-002 was also noted as favorable, adding to the optimism surrounding the therapy's potential. TD Cowen, an analyst firm, has maintained a "Buy" rating on Protara Therapeutics, signaling confidence in the company's strategic direction and the therapeutic promise of its clinical pipeline.
Simultaneously, a recent study by Protara Therapeutics has highlighted a high prevalence of choline deficiency among patients dependent on parenteral support, with potential implications for liver dysfunction. The company is developing IV Choline Chloride, a phospholipid substrate replacement therapy, to address this unmet medical need, with plans to begin a pivotal pharmacokinetic trial in the first quarter of 2025. These are just some of the recent developments at Protara Therapeutics, showcasing their commitment to addressing significant unmet medical needs.
InvestingPro Insights
In light of the recent share sales by Opaleye Management Inc. in Protara Therapeutics, Inc. (NASDAQ:TARA), investors may be seeking a deeper understanding of the company's financial health and market performance. According to InvestingPro data, Protara Therapeutics has a market capitalization of $36.1 million, indicating a relatively small company size in the biotech industry. The stock's price-to-book ratio as of the last twelve months ending Q2 2024 stands at 0.41, suggesting that the market values the company at less than its book value, which can be a sign of undervaluation or an indication of underlying issues within the company.
One of the InvestingPro Tips highlights that Protara Therapeutics holds more cash than debt on its balance sheet, which is a positive sign for the company's financial stability. However, the company is also quickly burning through cash and analysts do not anticipate the company will be profitable this year. This cash burn could be a concern for long-term investors, especially considering the company's negative earnings per share of -$2.94 over the last twelve months. Additionally, the stock's recent price performance has been quite volatile, with a 1-week price total return of -9.9%, reflecting significant investor uncertainty.
For those interested in further analysis, InvestingPro offers a range of additional tips on Protara Therapeutics. Currently, there are 12 more tips available that can provide investors with a comprehensive view of the company's financial health, stock performance, and market outlook. These insights are crucial for making informed investment decisions, especially in the dynamic biotech sector where Protara operates.
For a detailed analysis and more InvestingPro Tips, investors can visit https://www.investing.com/pro/TARA.
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