Snehal Patel, the CEO and CFO of Greenwich LifeSciences, Inc. (NASDAQ:GLSI), recently made notable purchases of the company’s common stock, according to a filing with the Securities and Exchange Commission. On January 6 and 7, Patel acquired a total of 2,900 shares, with transaction prices ranging from $13.31 to $13.75 per share. The timing appears strategic, as InvestingPro data shows the stock has surged nearly 23% in the past week, with shares currently trading at $13.81. The total value of these purchases amounted to $39,391. Following these transactions, Patel’s direct ownership in the company increased to 5,550,002 shares in the $181.5 million market cap company. InvestingPro analysis indicates high price volatility with a beta of 3.3, while analysts maintain a price target of $38 per share. Get access to more detailed insider trading patterns and 7 additional ProTips with an InvestingPro subscription.
In other recent news, Greenwich LifeSciences announced the outcomes of its Annual Meeting of Stockholders. The meeting resulted in the re-election of all five director nominees and the approval of key proposals. The shareholders elected David McWilliams, Snehal S. Patel, Eric Rothe, F. Joseph Daugherty, M.D., and Kenneth Hallock to continue serving on the board of directors until 2025.
In addition, the company’s independent registered public accounting firm, RBSM, LLP, was ratified for the fiscal year ending December 31, 2024. A significant amendment to the company’s 2019 Equity Incentive Plan was approved, allowing an increase in the number of shares reserved for issuance under the plan to 4,000,000 from the previous 1,500,000 shares.
These recent developments reflect the shareholders’ support for Greenwich LifeSciences’ current leadership and strategic initiatives. InvestingPro analysis indicates that while the company is not currently profitable, analysts have set an ambitious price target of $38. The outcomes of these proposals are expected to guide the company in its ongoing efforts in the healthcare sector.
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