Interactive Brokers shares jump as it secures spot in S&P 500
Peter Altman, President and CEO of BioCardia, Inc. (NASDAQ:BCDA), has recently acquired 500 shares of the company's common stock, according to a recent SEC filing. The transaction, which took place on April 7, was executed at a price of $1.96 per share, amounting to a total purchase value of $980. Following this transaction, Altman holds a total of 112,020 shares directly. The purchase comes as BioCardia's stock trades near $2.01, down about 66% over the past year, with InvestingPro analysis indicating the stock is currently overvalued.
This acquisition reflects Altman's continued investment in BioCardia, a company specializing in biological products. While the company maintains more cash than debt on its balance sheet, InvestingPro data reveals rapid cash burn and weak gross profit margins. The filing was signed by David McClung, acting by power of attorney, on April 8. Discover 10+ additional exclusive ProTips and comprehensive financial analysis in the Pro Research Report, available with an InvestingPro subscription.
In other recent news, BioCardia Inc. reported a substantial reduction in expenses for the fourth quarter of 2024, with total expenses decreasing by 35% year-over-year. This financial improvement was highlighted by a 43% drop in research and development expenses and a 16% decrease in selling, general, and administrative expenses. Despite these cost-cutting measures, the company reported a net loss of $7.9 million, down from $11.6 million in the previous year. BioCardia also shared promising updates on its Cardiamp heart failure trial, which demonstrated significant reductions in mortality rates and major adverse cardiovascular events. The company is preparing for regulatory submissions in the U.S. and Japan, with expectations of increased R&D expenses in 2025. Additionally, BioCardia completed enrollment for the Mercardiallo therapy low-dose cohort and is actively scheduling a Data Safety Monitoring Board review. H.C. Wainwright and Brookline Capital Markets analysts engaged with BioCardia's leadership during a recent conference call, reflecting investor interest in the company's progress and future developments.
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