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Michael Amoroso, President and CEO of Precision Biosciences Inc. (NASDAQ:DTIL), a biotech company with strong financial health according to InvestingPro metrics, recently executed a series of transactions involving the company’s common stock. The company, currently trading at $5.09, maintains a healthy balance sheet with more cash than debt and a robust current ratio of 9.22x. On March 21, Amoroso acquired 3,417 shares through the vesting of Restricted Stock Units (RSUs). These RSUs were part of a pre-arranged plan and did not involve any cash exchange. Subsequently, on March 24, he sold 964 shares at a price of $5.56 each, amounting to a total sale value of $5,359. The sale was conducted under a Rule 10b5-1 plan, specifically to cover tax withholding obligations related to the RSU vesting. Following these transactions, Amoroso holds 109,540 shares directly. InvestingPro analysis suggests the stock is currently undervalued, with analysts maintaining positive expectations for profitability this year. Subscribers can access 8 additional ProTips and comprehensive financial metrics to better understand DTIL’s investment potential.
In other recent news, Precision BioSciences has made significant strides in its gene editing programs. The company announced that it received U.S. FDA clearance for its Investigational New Drug application for PBGENE-HBV, allowing expansion of its Phase 1 ELIMINATE-B study into the United States. This trial aims to potentially cure chronic hepatitis B, a disease affecting over one million Americans. Concurrently, Precision BioSciences released promising preclinical data for its PBGENE-DMD therapeutic candidate, aimed at treating Duchenne muscular dystrophy, showing significant expression of dystrophin protein in a humanized mouse model.
Analysts at H.C. Wainwright reaffirmed their Buy rating and $60 price target for Precision BioSciences, citing confidence in the company’s gene editing platform following positive preliminary safety and antiviral activity data from the ELIMINATE-B trial. Furthermore, the company reported a complete clinical response in a Phase 1/2 trial for Ornithine Transcarbamylase deficiency, conducted by its partner iECURE, highlighting the potential of its ARCUS gene editing platform. In light of these developments, BMO Capital upgraded the company’s rating to Outperform with a price target of $34, reflecting optimism about the ARCUS platform’s early clinical validation.
Additionally, Precision BioSciences announced the retirement of Dr. Sam Wadsworth from its Board of Directors, effective January 2025, with no immediate successor named. These recent developments underscore the company’s ongoing efforts in advancing its gene editing therapies to address high unmet medical needs.
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