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Lennon David James, the Chief Executive Officer of Aadi Bioscience, Inc. (NASDAQ:AADI), a biotechnology company with a market capitalization of approximately $57 million, has recently sold shares of the company’s common stock. According to InvestingPro analysis, the stock appears undervalued at its current price of $2.30, despite falling 11% over the past week. According to a recent filing with the Securities and Exchange Commission, Lennon sold 5,690 shares on March 3 at a price of $2.35 per share, totaling approximately $13,371. This sale was conducted as a broker-assisted transaction to cover tax withholding obligations related to the vesting of restricted stock units.
Earlier on March 1, Lennon acquired 16,250 shares through the vesting of restricted stock units, which did not involve any cash transaction. Following these transactions, Lennon now directly owns 33,429 shares of Aadi Bioscience.
In other recent news, Aadi Bioscience has announced significant strategic moves, including the sale of its FYARRO® product to Kaken Pharmaceuticals for $100 million and an exclusive licensing agreement for a portfolio of antibody-drug conjugates (ADCs) from WuXi Biologics (HK:2269). These developments are part of a broader strategic shift aimed at advancing Aadi’s ADC pipeline. The company has also secured a $100 million private placement financing round, led by Ally Bridge Group, to support these initiatives. Aadi’s recent appointment of David Dornan, PhD, as Chief Scientific Officer is expected to bolster their focus on next-generation tumor-targeting strategies. Additionally, Baiteng Zhao, known for his expertise in ADC development, has joined Aadi’s Board of Directors. The combined proceeds from the FYARRO® sale and PIPE financing are anticipated to fund the company’s operations into late 2028. Aadi’s President and CEO, David Lennon, expressed optimism about the potential of their next-wave ADC portfolio to improve cancer outcomes. The company has engaged Leerink Partners and Jefferies LLC for advisory and placement services, respectively, in these transactions.
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