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OKYO Pharma Ltd (NASDAQ:OKYO), a company specializing in biological products, disclosed today that Gabriele Cerrone, the Executive Chairman, has increased his stake in the company. The transaction involved the purchase of 80,000 ordinary shares for $1.15 per share through Panetta Partners Limited, an entity in which Mr. Cerrone holds a beneficial interest.
After this acquisition, Mr. Cerrone's total shareholding in OKYO Pharma has reached 9,801,570 shares, representing 28.97% of the company's issued share capital. The transaction demonstrates a significant vote of confidence from the Executive Chairman in the company's prospects.
The purchase was made on the NASDAQ stock exchange, where OKYO Pharma's shares are publicly traded.
The filing was signed by Keeren Shah, the Chief Financial Officer of OKYO Pharma Ltd, indicating the formal responsibility for the content and accuracy of the report. The SEC filing offers investors and the market an official confirmation of the transaction and the updated shareholding of a key executive within the company. This information is based on the press release statement filed with the SEC.
In other recent news, OKYO Pharma Limited is preparing for a Phase 2 trial of OK-101 to treat neuropathic corneal pain (NCP), a condition currently lacking an FDA-approved therapy. The company secured key U.S. patents for its dry eye disease (DED) treatment, OK-101, bolstering its intellectual property portfolio.
Further, the company's CEO, Dr. Gary S. Jacob, is scheduled to appear on Bloomberg TV, providing insights into the company's business strategy and ongoing projects.
H.C. Wainwright analysts have maintained a Buy rating for OKYO Pharma, indicating the potential of OK-101 to become the first FDA-approved therapy for NCP.
These developments are part of OKYO Pharma's ongoing efforts to address unmet medical needs in ocular diseases.
InvestingPro Insights
Following the recent acquisition of shares by Executive Chairman Gabriele Cerrone, OKYO Pharma Ltd's (NASDAQ:OKYO) market dynamics suggest a mixed financial landscape. According to InvestingPro data, OKYO Pharma has a market capitalization of $37.22 million, reflecting its valuation in the biotech industry. Despite a challenging period with a negative P/E ratio of -1.86, indicating that the company is currently not profitable, there has been a strong return of 15.79% over the last month, hinting at investor optimism or potential strategic moves that could be inspiring confidence in the market.
InvestingPro Tips highlight that OKYO Pharma's stock price often moves counter to market trends, which could suggest a level of resilience or alternatively, idiosyncratic risk factors affecting the stock. Moreover, the company does not pay dividends, which may influence investment decisions for those seeking regular income streams. For investors considering OKYO Pharma as part of their portfolio, these insights could be crucial. It should be noted that there are additional InvestingPro Tips available that could provide further depth into the company's financial health and market position.
As the company navigates through its financial challenges, such as weak gross profit margins and short-term obligations exceeding liquid assets, this real-time data and the additional tips available on InvestingPro can offer investors a more comprehensive understanding of OKYO Pharma's potential risks and opportunities.
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