Dario Scimeca, the General Counsel and Secretary of Precision Biosciences Inc. (NASDAQ:DTIL), has recently sold shares of the company's common stock. On June 10, 2024, Scimeca sold 93 shares at an average price of $11.79, totaling $1,096. This sale was part of a planned transaction under a Rule 10b5-1 trading plan, which was adopted on July 14, 2023.
The transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission. According to the filing, the shares sold were part of a sell-to-cover operation intended to meet tax withholding obligations due to the vesting of Restricted Stock Units (RSUs). Scimeca did not engage in the sale of shares for any other purpose beyond covering the necessary taxes and fees.
The RSUs in question vested on June 7, 2024, and were granted to Scimeca on June 7, 2021. They were scheduled to vest over three years in substantially equal annual installments, subject to continuous service with the company until each vesting date.
Following the sale, Scimeca's direct ownership in Precision Biosciences common stock decreased to 6,721 shares. The weighted average price for the shares sold ranged from $11.70 to $12.00, as per the detailed information provided in the footnotes of the filing.
Precision Biosciences is a biotechnology company based in Durham, North Carolina, specializing in the development of gene editing technologies. Its stock is publicly traded on the NASDAQ exchange under the ticker symbol DTIL.
In other recent news, Precision BioSciences (NASDAQ:DTIL) has reported significant advancements in various areas of their gene editing research. The company's candidate PBGENE-HBV has shown promise in targeting HBV DNA, a key driver in chronic hepatitis B infections, without affecting the human genome. Precision BioSciences plans to submit a Clinical Trial Application (CTA) and/or Investigational New Drug (IND) application for PBGENE-HBV in 2024. In another development, the company has finalized a private stock sale to its senior leadership team, with the funds raised to be allocated to ongoing research and development efforts.
Precision BioSciences' partner iECURE has been granted Fast Track designation by the U.S. Food and Drug Administration (FDA) for its gene therapy candidate ECUR-506, aimed at treating neonatal onset Ornithine Transcarbamylase (OTC) deficiency. Jones Trading has raised the stock price target for Precision BioSciences to $30, citing confidence in the company's entry into the gene editing market. Another breakthrough for the company is in the field of mitochondrial DNA editing, where their ARCUS genome editing platform has demonstrated the ability to selectively eliminate mutant mitochondrial DNA associated with primary mitochondrial myopathy (PMM) without affecting nuclear DNA. The company anticipates submitting a CTA and/or IND application for the PBGENE-PMM in 2025. These are recent developments in the company's pursuit of gene editing therapies.
InvestingPro Insights
Precision Biosciences Inc. (NASDAQ:DTIL), a company specializing in gene editing technologies, has shown a dynamic financial landscape as per the latest data from InvestingPro. Here are some key metrics and insights that investors might find valuable:
InvestingPro Data:
- The company's Market Cap stands at $83.11 million USD, reflecting its current valuation within the biotech industry.
- With a significant Revenue Growth of 88.25% over the last twelve months as of Q1 2024, Precision Biosciences is expanding its financial base at an impressive rate.
- Despite this growth, the company's P/E Ratio (Adjusted) as of the last twelve months is -3.98, indicating challenges in profitability.
InvestingPro Tips:
- Precision Biosciences holds more cash than debt on its balance sheet, which could be a sign of financial stability and an ability to fund ongoing operations or strategic initiatives.
- Analysts are not anticipating the company to be profitable this year, which aligns with the executive's decision to sell shares to cover tax obligations rather than for investment purposes.
These metrics and tips can provide a deeper understanding of the company's financial health and future outlook. For investors interested in further insights, there are an additional 11 InvestingPro Tips available at https://www.investing.com/pro/DTIL. To access these and other expert analyses, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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