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Eric J. Hyllengren, the Executive Vice President, Chief Financial Officer, and Chief Operating Officer of Atara Biotherapeutics, Inc. (NASDAQ:ATRA), recently sold 1,211 shares of the company’s common stock. The transaction, which took place on March 3, 2025, was executed at a weighted average price of $6.997 per share, amounting to a total value of $8,473. The sale comes as ATRA trades near $7.31, down nearly 59% over the past year, though InvestingPro analysis suggests the stock is currently undervalued.
The sale was conducted to satisfy tax withholding obligations related to the vesting of previously granted restricted stock units. Following the transaction, Hyllengren retains ownership of 56,231 shares in the company. With earnings scheduled for March 7 and an overall Financial Health score of "Fair" according to InvestingPro, investors can access 12 additional key insights about ATRA’s financial outlook through the platform.
In other recent news, Atara Biotherapeutics has made headlines with several significant developments. The company reported a Complete Response Letter (CRL) from the FDA concerning its EBVALLO treatment, related to issues at a third-party manufacturing facility. Despite this setback, Atara remains committed to resolving these issues and has secured a non-binding term sheet with Redmile Group for up to $15 million in funding. This financial move is aimed at supporting ongoing activities required for BLA approval. In response to the FDA’s actions, Atara announced a substantial workforce reduction, planning to cut about half of its employees by June 2025, with projected costs of $7.5 million for severance and related benefits.
Analyst reactions have been mixed, with H.C. Wainwright maintaining a Neutral rating, while Stifel adjusted its price target to $5, citing delays and increased risks. Canaccord Genuity, however, reiterated a Buy rating, albeit with a reduced price target of $17, expressing confidence in resolving manufacturing issues. Additionally, Atara has amended its bylaws to enhance governance processes, granting more authority to its Board and CEO in managing stockholder meetings. These developments reflect Atara’s strategic responses to regulatory challenges and its efforts to align resources for future growth.
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