U.S. stocks lower as investors rotate out of tech ahead of Jackson Hole
Henry Scott Robert, a director at NexGel, Inc. (NASDAQ:NXGL), recently sold 3,000 shares of the company’s common stock. The sale, executed under a Rule 10b5-1 trading plan, was completed on February 10 at an average price of $3.2661 per share, totaling approximately $9,798. The transaction occurred near the stock’s current trading price of $3.19, with InvestingPro analysis suggesting the company is slightly overvalued at these levels. This transaction was conducted on the open market and was not part of any recent registered direct offerings by the company.
Following this sale, Robert’s direct ownership of NexGel shares stands at 138,553. Additionally, on February 12, he acquired 2,500 shares as compensation for his role as Chairperson of the Audit Committee, although these shares are classified as "restricted securities" and carry no immediate market value. This acquisition increased his total holdings to 141,053 shares.
In other recent news, specialty hydrogel producer NEXGEL announced robust financial results in its third quarter of 2024 earnings call. The company posted a record revenue of $2.94 million, marking a 141% increase from the previous year. This significant growth was primarily driven by the acquisition of the Silly George brand and a strong performance in contract manufacturing. However, the company reported a net loss of $754,000, an increase from the previous year’s loss of $552,000.
NEXGEL also revealed notable improvements in gross profit margins, which climbed to 43.6%. Furthermore, the company expects to exceed $3 million in revenue in the fourth quarter of 2024. In terms of new developments, NEXGEL launched Histasolv in collaboration with STADA and initiated a distribution agreement with Cintas (NASDAQ:CTAS) for SilverSeal.
Despite these positive developments, NEXGEL’s selling, general, and administrative expenses rose by approximately 118% to $2.07 million, largely due to increased advertising and marketing costs. Nevertheless, the company remains optimistic about achieving cash flow positivity and significantly reducing losses due to fixed facility and salary costs being already covered.
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