Daron Evans, the Chief Financial Officer of Rezolute , Inc. (NASDAQ:RZLT), recently purchased 10,549 common shares of the company at an average price of $5.04 per share. The transaction, which took place on December 9, 2024, amounted to a total value of approximately $53,166. The purchase comes amid an impressive year for the stock, which has delivered a return of over 400% year-to-date.
Following this acquisition, Evans now directly owns 131,900 shares of Rezolute. Additionally, he holds indirect ownership interests through PoC Capital, LLC, his spouse, and minor children, bringing the total number of shares he controls to 213,900. According to InvestingPro data, the company maintains a strong financial position with more cash than debt on its balance sheet.
Evans' direct purchase reflects his continued confidence in Rezolute, a pharmaceutical company based in Redwood (NYSE:RWT) City, California. The company is known for its focus on developing innovative treatments within the life sciences sector. Analysts share this optimism, with price targets ranging from $8 to $16, suggesting significant upside potential from current levels.
In other recent news, Rezolute, a clinical-stage biotechnology company, has garnered increased attention due to several key developments. The U.S. Food and Drug Administration (FDA) has awarded an Orphan Drug Designation to the company's lead drug candidate, ersodetug, which is being developed for the treatment of tumor-induced hypoglycemia. The FDA has also lifted partial clinical holds on ersodetug, allowing Rezolute to proceed with clinical trials at all doses for patients older than three months.
Investment firms BTIG, Craig-Hallum, Jones Trading, and H.C. Wainwright have all maintained a Buy rating on Rezolute, with price targets ranging from $12 to $15. These ratings were influenced by the FDA's recent decisions and the positive results from a Phase 2 trial of RZ402, a potential treatment for diabetic macular edema.
Rezolute's fiscal fourth quarter of 2024 concluded with $127.1 million in cash and equivalents, which the company anticipates will support its operations into the second quarter of 2026. In addition, the company recently raised approximately $67 million in gross proceeds from an additional stock offering. These recent developments reflect the company's ongoing commitment to innovation and clinical excellence.
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