Matthew Gall, the Chief Financial Officer of iTeos Therapeutics, Inc. (NASDAQ:ITOS), recently acquired 5,000 shares of the company's common stock. The shares were purchased at a price of $7.727 per share, totaling $38,635. Following this transaction, Gall now holds 65,429 shares in the company. This move reflects a continued commitment to the firm from its financial leadership, as Gall increases his stake in the biotechnology company.
In other recent news, iTeos Therapeutics has been making strides in its Phase 2 GALAXIES Lung-201 study, which evaluates the combination of belrestotug and dostarlimab for treating PD-L1 high non-small cell lung cancer. The interim data from this study, presented at the European Society for Medical (TASE:PMCN) Oncology Congress, has shown promising results. On the financial front, iTeos reported a first-quarter net loss of $1.07 per share for 2024, slightly above the projected net loss of $0.98 per share. Additionally, the company announced a $120 million stock sale involving over 1.1 million shares of common stock. In analyst coverage, JPMorgan (NYSE:JPM), Piper Sandler, H.C. Wainwright, and Wells Fargo (NYSE:WFC) have maintained their positive ratings on iTeos shares. Recent corporate developments include the appointment of Dr. David Feltquate as the new Chief Medical Officer and the election of two Class I directors at the Annual Meeting of Stockholders. Deloitte Bedrijfsrevisoren / Réviseurs d’Entreprises BV/SRL was ratified as the company's independent auditor for the upcoming fiscal year. These are the recent developments in iTeos Therapeutics.
InvestingPro Insights
Matthew Gall's recent purchase of iTeos Therapeutics (NASDAQ:ITOS) shares aligns with several key financial indicators and market trends for the company. According to InvestingPro data, iTeos is currently trading near its 52-week low, with the stock price experiencing significant declines over various timeframes. The 6-month price total return stands at -56.44%, while the 3-month return is -54.97%, indicating a substantial pullback in valuation.
Despite these challenges, InvestingPro Tips highlight that iTeos holds more cash than debt on its balance sheet, suggesting a strong liquidity position. This is further supported by the fact that the company's liquid assets exceed its short-term obligations. These factors may have influenced Gall's decision to increase his stake, potentially viewing the current share price as an attractive entry point.
It's worth noting that while iTeos is not currently profitable, analysts anticipate sales growth in the current year. This optimism is reflected in the fact that three analysts have revised their earnings upwards for the upcoming period, as per InvestingPro Tips. However, investors should be aware that the company is quickly burning through cash, which could present challenges in the future.
For those seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for iTeos Therapeutics, providing a deeper understanding of the company's financial health and market position.
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