Century Therapeutics, Inc. (NASDAQ:IPSC) reported that Chief Technology and Manufacturing Officer Gregory Russotti sold a total of 1,800 shares of company stock on July 23 and July 24, according to a recent SEC filing. The transactions were executed at prices ranging from $2.50 to $2.54 per share, totaling over $4,500.
The first sale occurred on July 23, where Russotti sold 200 shares at a price of $2.50 each. The following day, he sold another 1,600 shares at an average price of $2.5184, as noted in the filing. These sales were conducted under a pre-arranged Rule 10b5-1 trading plan, which was adopted on January 9, 2024.
Following these transactions, Russotti's direct holdings in Century Therapeutics have decreased, but he still maintains a significant stake in the company. Additionally, the SEC filing disclosed that Russotti has indirect ownership of 92,773 shares through the Gregory Russotti 2021 Family Trust.
Investors interested in the specifics of the share sales, including the exact number of shares sold at each price within the reported range, can request detailed information from the issuer, the security holder, or the SEC staff as indicated in the footnote of the SEC filing.
Century Therapeutics specializes in biological products and is headquartered in Philadelphia, Pennsylvania. The company's stock is traded on the NASDAQ under the ticker symbol IPSC.
In other recent news, Century Therapeutics has reported progress in its Phase 1 ELiPSE-1 study of CNTY-101, an immunotherapy for patients with relapsed or refractory non-Hodgkin lymphoma. The interim results suggest that CNTY-101 is well-tolerated with promising preliminary efficacy, especially at higher doses. In addition, Century Therapeutics has acquired Clade Therapeutics, gaining access to preclinical alpha-beta CAR-iT cells, including CLDE-308 for autoimmune diseases and B-cell lymphoma, and CLDE-361 for myasthenia gravis. This acquisition is seen as a strategic move to enhance Century's pipeline.
Investment firm Piper Sandler has increased Century's price target to $12.00 from the previous $9.00 and retained its Overweight rating on the stock. This follows Century's plan to begin the Phase I CALiPSO-1 study of its CD-19 iNK CNTY-101 in Systemic Lupus Erythematosus (SLE), with initial results anticipated in the fourth quarter of 2024. The firm's analyst expressed confidence in Century's trajectory, stating, "We reiterate our Overweight rating and are increasing our price target to $12 from $9."
Finally, Century Therapeutics is expanding its clinical development for CNTY-101 to target additional autoimmune disease indications. This expansion is backed by a $60 million private placement led by Bain Capital Life Sciences, intended to extend the company's financial runway into 2026. These are the recent developments for Century Therapeutics.
InvestingPro Insights
Amid recent insider trading activity, Century Therapeutics, Inc. (NASDAQ:IPSC) appears to be navigating through challenging financial waters. The company's market capitalization stands at a modest $202.8 million, reflecting investor sentiment and market recognition. Notably, the firm's Price/Earnings (P/E) Ratio for the last twelve months as of Q1 2024 is deeply negative at -1.75, signaling that the company is not generating net earnings at present. This could be a point of concern for potential investors looking for profitability.
From a valuation standpoint, the Price/Book (P/B) ratio as of the last twelve months stands at 1.13, suggesting that the market price closely aligns with the company's book value. This might indicate that the stock is reasonably valued, given the current financials. However, the company's revenue has seen a significant contraction, with a -76.63% decline in the last twelve months leading up to Q1 2024. Such a steep decrease could be a red flag, pointing to underlying issues in revenue generation or market conditions impacting the company's sales.
For investors and analysts looking to delve deeper into Century Therapeutics' financial health, PRONEWS24 can be used to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro, where 7 additional "InvestingPro Tips" are available to provide further insights into the company's performance and potential investment opportunities.
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