Canopy Growth stock tumbles after announcing $200 million share sale plan
Checkpoint Therapeutics , Inc. (NASDAQ:CKPT), a $338 million market cap biotech company whose stock has surged over 85% in the past six months, reported that Chief Financial Officer Garrett Gray recently sold shares of the company’s common stock, according to a regulatory filing. On April 1, Gray sold 12,322 shares at a weighted average price of $4.05, totaling approximately $49,904. The sale was conducted to satisfy tax withholding obligations related to the vesting of restricted shares, and Gray had no discretion over the transaction, which was automatically executed in line with company policies. According to InvestingPro analysis, the stock is currently trading near its 52-week high of $4.50 and appears fairly valued based on its Fair Value assessment.
Following this transaction, Gray retains ownership of 1,446,322 shares, which include restricted common stock that vests over various periods. The sale’s price range was between $4.04 and $4.05 per share. InvestingPro subscribers can access 8 additional key insights about CKPT’s financial health and growth prospects.
In other recent news, Checkpoint Therapeutics received a Buy rating from Boral (OTC:BOALY) Capital, marking a positive outlook for the biopharmaceutical company. Boral Capital initiated coverage with a price target of $9.00, reflecting confidence in the potential of Checkpoint’s lead drug, UNLOXCYT. This drug, approved in December, is noted for its unique design that includes a functional Fc region, enhancing its ability to combat cancer cells. Analysts highlighted its favorable adverse event profile, suggesting it could stand out in the competitive immuno-oncology market.
Additionally, Checkpoint Therapeutics announced a new executive agreement with Chief Financial Officer Garrett Gray, effective January 7, 2025. The agreement includes an annual base salary of $350,000 and potential performance-based cash bonuses. It also outlines severance terms and long-term incentive awards, emphasizing leadership stability. The full details of this agreement have been filed with the SEC as part of the company’s recent 8-K filing. These developments indicate strategic moves by Checkpoint Therapeutics to strengthen its market position and leadership team.
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