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Nguyen AnhCo, the President and CEO of Atara Biotherapeutics, Inc. (NASDAQ:ATRA), recently sold shares of the company. According to a recent SEC filing, AnhCo sold 3,331 shares of common stock on March 3, 2025, at a weighted average price of $6.997 per share. The transaction comes as ATRA’s stock has declined nearly 59% over the past year, though InvestingPro analysis suggests the stock is currently undervalued. This transaction, valued at approximately $23,307, was executed to satisfy tax withholding obligations related to the vesting of previously granted restricted stock units.
Following this sale, AnhCo retains ownership of 74,123 shares in the company. The transaction was part of a broader sale conducted on behalf of a group of employees to cover tax liabilities.
In other recent news, Atara Biotherapeutics has faced significant developments, primarily surrounding its EBVALLO treatment. The company received a Complete Response Letter from the FDA for EBVALLO, linked to issues at a third-party manufacturing facility, rather than the drug’s efficacy or safety. This has led to clinical holds on two therapies, ATA3219 and EBVALLO, affecting Atara’s anticipated milestones. In response to these challenges, Atara announced a workforce reduction plan, cutting about half of its employees by June 2025, incurring approximately $7.5 million in severance costs.
Analyst firms have reacted to these developments with varied stances. H.C. Wainwright maintained a Neutral rating on Atara, while Stifel reduced its price target from $10 to $5, reflecting increased financial risks. Conversely, Canaccord Genuity reiterated a Buy rating, albeit with a lowered price target of $17, expressing confidence in resolving manufacturing issues. Atara has also secured a $15 million equity line of credit from Redmile to bolster its financial position.
Additionally, Atara has amended its bylaws, enhancing the authority of its Board and CEO over stockholder meetings, and introducing stricter requirements for director nominations. These changes aim to streamline governance processes. Despite current hurdles, Atara remains committed to resolving regulatory challenges and advancing its strategic objectives.
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