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Hussain Iqbal J, the General Counsel of Centessa Pharmaceuticals plc (NASDAQ:CNTA), recently sold 6,000 ordinary shares of the company. The shares were sold at a weighted average price of $15.29, generating a total of $91,740. The transaction comes as the stock has shown remarkable strength, posting an 87% gain over the past year according to InvestingPro data. This transaction was conducted as part of a pre-established Rule 10b5-1 trading plan, which Iqbal adopted on September 14, 2024.
In a related transaction, Iqbal also acquired 6,000 shares through an option exercise at a price of $5.84 per share, amounting to a total of $35,040. Following these transactions, Iqbal now directly owns 118,265 shares of Centessa Pharmaceuticals. Additionally, 5,500 shares are held indirectly by his spouse.
The sales were executed in multiple transactions, with prices ranging from $15.09 to $15.43 per share.
In other recent news, Centessa Pharmaceuticals has seen several significant developments. The clinical-stage pharmaceutical company recently appointed Dr. Stephen Kanes, an experienced neuropsychiatrist, as its new Chief Medical (TASE:PMCN) Officer. Dr. Kanes' expertise will be crucial as Centessa advances its portfolio of orexin receptor 2 (OX2R) agonists. Analysts have also revised their earnings expectations upward for the company, reflecting strong confidence in its direction.
Cowen research firm initiated coverage of Centessa, assigning a Buy rating due to the potential of the company's drug candidate ORX750, aimed at treating a range of hypersomnia indications. Leerink Partners maintained an Outperform rating for Centessa, raising the stock's price target following a promising update to its Phase 1 ORX750 program. The firm also increased the company's total sales projections for 2032 by 4%.
Guggenheim maintained a positive outlook on Centessa, raising the price target and keeping a Buy rating on the stock due to recent strategic developments, particularly updates for ORX750. Morgan Stanley (NYSE:MS) upgraded Centessa to Overweight, following the promising interim Phase 1 results of the company's ORX750 study. These developments highlight Centessa's ongoing efforts in the pharmaceutical industry.
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