Dale Broadrick, a significant shareholder in BioRestorative Therapies, Inc. (NASDAQ:BRTX), has recently sold a portion of his holdings in the company. According to a recent filing, Broadrick disposed of 1,112 shares of common stock at a price of $1.58 per share, amounting to a total transaction value of $1,756.
Following this sale, Broadrick holds 445,933 shares directly. Additionally, he indirectly owns 477,972 shares through Fleetco, Inc., where he is a 93% shareholder. This transaction reflects Broadrick's continued involvement and investment in BioRestorative Therapies, a company specializing in miscellaneous health and allied services.
In other recent news, BioRestorative Therapies has experienced a series of significant developments. The company's 2021 Stock Incentive Plan was approved, increasing the number of shares of common stock that can be issued from 3,850,000 to 6,850,000. Roth/MKM has upgraded the company's stock target from $15 to $18 and maintained its Buy rating, following BioRestorative Therapies' progress in its Phase 2 clinical trial for BRTX-100.
In addition, the company ended the second quarter of 2024 with a cash position of $14.7 million. BioRestorative Therapies has also reached operational status in its biocosmeceutical division and secured a five-year agreement with Cartessa, promising minimum annual purchases in the low millions.
The company received a notice of allowance from the Japanese Patent Office for its allogeneic ThermoStem platform, marking its fifth approval in Japan. Furthermore, BioRestorative Therapies is in advanced discussions to secure ThermoStem rights outside of the U.S. with a non-U.S. regenerative medicine company. This potential agreement is expected to provide non-dilutive upfront capital, as well as future milestones and royalty payments.
InvestingPro Insights
While Dale Broadrick's recent sale of BioRestorative Therapies (NASDAQ:BRTX) shares might raise eyebrows, a closer look at the company's financials provides additional context. According to InvestingPro data, BRTX's market capitalization stands at a modest $10.73 million, reflecting its status as a small-cap biotech firm.
Despite the recent share sale, there are some positive indicators for the company. An InvestingPro Tip highlights that analysts anticipate sales growth for BRTX in the current year. This aligns with the company's recent performance, as revenue growth reached 35.49% over the last twelve months as of Q2 2024. However, investors should note that BRTX is quickly burning through cash, another InvestingPro Tip that may explain Broadrick's decision to sell a portion of his holdings.
It's worth noting that BRTX's stock price has been volatile, with a one-year price total return of -21.47%. This volatility, combined with the company's unprofitability over the last twelve months, underscores the speculative nature of investing in early-stage biotech firms.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for BRTX, providing a deeper understanding of the company's financial health and market position.
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