Harry Korman, a director at Viatris Inc. (NASDAQ:VTRS), has increased his holdings in the pharmaceutical company through a series of stock acquisitions. According to the recent SEC filing, Korman purchased shares valued at approximately $52,031. The transactions were executed at prices ranging from $9.007 to $17.147 per share.
These acquisitions were carried out by Korman's investment advisors as part of managed investment strategies. The purchases took place over several dates, including December 11, 2020, January 15, 2021, and March 4, 2022, among others. The transactions resulted in Korman's total ownership of Viatris common stock increasing to 94,960 shares as of the latest filing.
Additionally, certain transactions were part of an automatic reinvestment of dividends received on shares of Viatris common stock, as noted in the filing. This reinvestment was facilitated through a broker-sponsored dividend reinvestment plan.
Viatris, a prominent player in the pharmaceutical industry, continues to attract attention from investors and insiders alike, as evidenced by Korman's recent stock acquisitions.
In other recent news, Viatris Inc. has reported positive outcomes from its Phase 3 study of EFFEXOR® for treating generalized anxiety disorder (GAD) in Japan, indicating the superiority of the drug over placebo. The company plans to submit these findings to the Pharmaceuticals and Medical Devices Agency (PMDA) targeting 2025. On the financial side, Viatris reported robust Q2 2024 results, with total revenues reaching $3.8 billion and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rising to $1.2 billion.
In light of these results, the company has revised its new product revenue forecast for 2024 to between $500 million and $600 million. Viatris also detailed the pricing terms of its subsidiary Utah Acquisition Sub Inc.'s cash tender offer for a portion of its outstanding 3.950% Senior Notes due 2026, targeting up to $575 million of the notes.
Piper Sandler, meanwhile, has maintained its Neutral rating on Viatris, acknowledging the company's focus on developing complex generic products and efforts to commercialize more innovative brand assets. These are among the recent developments for Viatris, a company known for its commitment to addressing unmet medical needs in healthcare.
InvestingPro Insights
Building on Harry Korman's recent stock acquisitions, Viatris Inc. (NASDAQ:VTRS) presents an intriguing investment case. According to InvestingPro data, the company's market capitalization stands at $13.67 billion, with a price-to-book ratio of 0.7, suggesting the stock may be undervalued relative to its assets.
InvestingPro Tips highlight that management has been aggressively buying back shares, aligning with Korman's insider purchases and potentially signaling confidence in the company's future prospects. This is further supported by the high shareholder yield, which could be attractive to value-oriented investors.
While Viatris wasn't profitable over the last twelve months, with a negative P/E ratio of -21.2, analysts predict the company will return to profitability this year. This optimism is reflected in the adjusted P/E ratio of 15.2 for the last twelve months as of Q2 2024, indicating a potential turnaround.
The company's dividend yield of 4.18% as of the latest data adds another layer of appeal for income-focused investors, complementing the automatic dividend reinvestment plan mentioned in Korman's transactions.
It's worth noting that InvestingPro offers 8 additional tips for Viatris, providing a more comprehensive analysis for investors considering this pharmaceutical stock. These insights, along with real-time metrics, can be valuable for those looking to make informed investment decisions in the ever-evolving pharmaceutical sector.
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