In a recent transaction on June 7, Robert J. Bitterman, the President and CEO of Phio Pharmaceuticals Corp. (NASDAQ:PHIO), purchased 1,000 shares of the company's common stock. According to the details of the transaction, the stock was acquired at a price of $0.74 per share, amounting to a total investment of $740.
This purchase by the CEO is a direct acquisition, as specified in the report, and follows the company's latest developments. Notably, the shares acquired add to Bitterman's existing stake in the company. After this transaction, Bitterman now directly holds a total of 20,990 shares in Phio Pharmaceuticals, which includes shares of common stock underlying unvested restricted stock units as indicated in the footnotes of the report.
Investors often monitor insider transactions such as these for insights into the confidence that company executives have in the firm's prospects. While the transaction itself may not be substantial in terms of the dollar amount, it does represent an additional equity stake by a key executive in the company.
Phio Pharmaceuticals, headquartered in Marlborough, Massachusetts, operates in the pharmaceutical preparations industry and focuses on developing innovative treatments. The company's stock trades under the ticker symbol PHIO on the NASDAQ exchange.
The report detailing this transaction was filed on June 11, with the transaction occurring on June 7. It is important for investors to note such transactions as they reflect the actions and confidence of the company's leadership.
In other recent news, Phio Pharmaceuticals has made significant strides in its various endeavors. The company has advanced to the next dosage in its Phase 1b clinical trial for PH-762, a gene silencing technology aimed at enhancing the effectiveness of immune cells in combating cancer. The decision came after the Safety Monitoring Committee reviewed safety data from the initial cohort, which showed no dose-limiting toxicities or clinically relevant adverse events.
Phio Pharmaceuticals has also secured an investment from TRITON Funds, which is expected to yield gross proceeds of up to $621,000. The investment aligns with TRITON's strategy of supporting scientific innovation paired with strong management. The company's lead clinical product candidate, PH-762, has shown promising results in preclinical studies, including effectively silencing PD-1 mRNA and protein in lymphocytes within the tumor microenvironment.
In addition, Phio Pharmaceuticals has presented new preclinical data on its INTASYL Compound PH-905 at the 10th Immunotherapy of Cancer Conference in Munich, Germany. The data suggests that the compound could enhance the effectiveness of natural killer cells in fighting cancer. The company has also expanded its clinical trial sites for its Phase 1b study of PH-762, adding three new sites: The George Washington University Medical Faculty Associates, Banner (NASDAQ:BANR) MD Anderson Cancer Center, and Integrity Research Clinical Associates. These developments are part of the company's ongoing efforts in the field of immuno-oncology.
InvestingPro Insights
The recent insider purchase by Phio Pharmaceuticals Corp.'s CEO, Robert J. Bitterman, may signal confidence in the company's trajectory, despite the firm's challenges. According to InvestingPro data, Phio holds a market capitalization of just $3.4 million, which reflects its status as a small-cap company with potentially higher volatility and risk. Additionally, the company's price-to-book ratio as of the last twelve months ending Q1 2024 stands at 0.61, suggesting that the market values the company at a slight discount to the net value of its assets.
InvestingPro Tips further reveal a mix of concerns and potential upsides for Phio. Notably, the company holds more cash than debt, and liquid assets exceed short-term obligations, which could provide some financial stability in the near term. Moreover, analysts predict that Phio will turn profitable this year, a significant milestone that could impact investor sentiment and stock performance. However, it's important to consider that Phio has been quickly burning through cash and has suffered from weak gross profit margins, which may raise questions about long-term sustainability.
For investors seeking more in-depth analysis and additional tips on Phio Pharmaceuticals, InvestingPro offers a comprehensive list of insights. There are 12 more InvestingPro Tips available, which can be accessed with an exclusive offer. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further valuable information to guide investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.