Daniel Passeri, the CEO of Cue Biopharma , Inc. (NASDAQ:CUE), recently purchased 30,000 shares of the company's common stock. The shares were acquired at a weighted average price of $1.03 per share, with the transaction totaling approximately $30,900. According to InvestingPro data, the stock is currently trading at $1.07, suggesting positive momentum since the purchase. This purchase occurred on December 16, 2024, and follows a range of acquisition prices from $0.97 to $1.04 per share. Following this transaction, Passeri holds a total of 164,578 shares directly. While the stock has shown volatility, analysts maintain a strong buy consensus with price targets ranging from $2 to $6. InvestingPro analysis indicates the stock may be undervalued at current levels, with additional insights available in the comprehensive Pro Research Report.
In other recent news, Cue Biopharma has experienced a series of significant developments. The company's authorized capital has increased from 110 million to 210 million shares, potentially facilitating future corporate actions. A recent amendment to the loan agreement with Silicon Valley Bank has eliminated a fixed cash reserve requirement, providing Cue Biopharma with increased financial flexibility.
The company has also initiated a public offering of its common stock and purchase warrants, managed by Oppenheimer & Co. and Newbridge Securities Corporation. Jefferies recently adjusted its stock price target for Cue Biopharma to $4.00, yet maintained a Buy rating, while Stifel reduced its price target from $8.00 to $4.00, and Piper Sandler retained its Overweight rating with a steady price target of $3.00.
Cue Biopharma welcomed Lucinda Warren, a former Johnson & Johnson executive, as its new chief business officer following the resignation of board member Michael J. Fox. The company has prioritized its autoimmune programs, leading to a 25% workforce reduction.
Cue Biopharma has been actively reducing its debt, which stands at $6.2 million, and ended the second quarter of 2024 with $30 million in cash. These funds are expected to support operations until the second quarter of 2025. These are the recent developments shaping Cue Biopharma's strategic and financial direction.
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