J. Jefferson Smith, the Chief Research Officer of Precision Biosciences Inc (NASDAQ:DTIL), has recently engaged in a transaction involving the company's common stock. On June 10, 2024, Smith sold a total of 50 shares at an average price of $11.79 per share, resulting in a total transaction value of $589.
This sale was part of a sell-to-cover transaction to satisfy tax withholding obligations connected to the vesting of Restricted Stock Units (RSUs). The RSUs in question vested on June 7, 2024, and were granted to Smith as part of an employee compensation plan which vested over three years, provided that Smith continued his service with the company.
The prices at which the shares were sold ranged from $11.70 to $12.00. Further details about the specific number of shares sold at each price point within this range are available upon request from Precision Biosciences, any of its security holders, or the SEC staff.
Following the sale, Smith's direct holdings in Precision Biosciences common stock decreased slightly, but he still retains a significant number of shares. According to the filing, Smith owns 68,559 shares directly, and an additional 7,931 shares are held indirectly by a Charitable Remainder Unitrust.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on their company's current valuation and future prospects. However, transactions like these, which are related to tax obligations, are quite routine and not necessarily indicative of a change in a company executive's outlook on the company's performance.
Precision Biosciences, a company specializing in biological products, is based in Durham, North Carolina, and operates within the life sciences sector. The company's stock is publicly traded on the NASDAQ stock exchange under the ticker symbol DTIL.
In other recent news, Precision BioSciences (NASDAQ:DTIL) has made substantial progress in several key areas. The company has reported advancements in its gene editing candidate PBGENE-HBV, which targets HBV DNA for the treatment of chronic hepatitis B. This development supports the candidate's progression to clinical trials. Precision BioSciences also unveiled significant advancements in the treatment of primary mitochondrial myopathy (PMM) through its ARCUS genome editing platform.
Additionally, Precision BioSciences has completed a private stock sale to its senior leadership team, with funds from this sale set to be allocated to ongoing research and development efforts. In other developments, the company's partner iECURE has been granted Fast Track designation by the U.S. Food and Drug Administration for its gene therapy candidate ECUR-506, which aims to treat neonatal onset Ornithine Transcarbamylase deficiency.
Jones Trading has also increased Precision BioSciences' stock price target to $30, maintaining a Buy rating and expressing confidence in the company's future performance. All these developments indicate a promising trajectory for Precision BioSciences as it continues its work in the gene editing sector.
InvestingPro Insights
Precision Biosciences Inc's (NASDAQ:DTIL) Chief Research Officer's recent stock transaction coincides with a period of notable financial metrics and market performance for the company. According to real-time data from InvestingPro, Precision Biosciences holds a market capitalization of approximately $83.11 million. Despite the company's significant revenue growth over the last twelve months as of Q1 2024, amounting to 88.25%, it's important to note that the stock's price movements have been quite volatile, with a 1-week price total return of -7.79% and a 1-year price total return of -44.44%.
Investors should consider that the company's P/E ratio stands at -1.81, reflecting market skepticism about future earnings. Additionally, the company's stock has experienced a strong return over the last month, with a 1-month price total return of 14.66%, which might be of interest to those looking for short-term gains.
Two InvestingPro Tips for Precision Biosciences suggest that, while the company holds more cash than debt, indicating a stable balance sheet, analysts are not optimistic about profitability in the near term. They do not anticipate the company will be profitable this year, and they expect a sales decline and a drop in net income. These insights could be particularly relevant for investors considering the context of the insider transaction.
For a more comprehensive analysis and additional tips on Precision Biosciences, including insights into the company's valuation and cash flow, visit InvestingPro at: https://www.investing.com/pro/DTIL. There are over 10 additional InvestingPro Tips available, which could further inform investment decisions. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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