Stock market today: Nasdaq closes above 23,000 for first time as tech rebounds
Germano Geno J, a director at Precision Biosciences Inc. (NASDAQ:DTIL), recently acquired 3,605 shares of the company's common stock, according to a regulatory filing. The timing is notable as InvestingPro data shows the stock trading near its 52-week low of $3.61, with technical indicators suggesting oversold conditions. The shares were purchased at an average price of $4.49, with individual transaction prices ranging from $4.25 to $4.55, bringing the total transaction value to approximately $16,186. Following this transaction, Germano holds a total of 7,807 shares directly in the company. The stock has since declined to $3.81, though InvestingPro's Fair Value analysis suggests the company is currently undervalued, with 12 additional investment insights available to subscribers.
In other recent news, Precision BioSciences (NASDAQ:DTIL) has made significant strides in gene-editing technology. The company has received approval for its Clinical Trial Application (CTA) in Hong Kong for PBGENE-HBV, a potential cure for chronic hepatitis B, marking a major milestone in the development of in vivo gene editing therapies. This approval enables Precision BioSciences to extend its ELIMINATE-B Phase I trial to Hong Kong, a region with over 400,000 individuals living with chronic hepatitis B.
BMO Capital maintained its Market Perform rating for the company and kept its $34 target. The firm's third-quarter earnings report focused on the clinical development of PBGENE-HBV, with clinical data for this program expected in 2025. In addition, Precision BioSciences has received a $13 million convertible note payment from Imugene Limited, bolstering its financial resources.
The company has also reshuffled its clinical leadership team, appointing Dr. Murray Abramson as Senior Vice President, Head of Clinical Development, and John Fry as Strategic Clinical Advisor. Furthermore, the company's collaborator, iECURE, received FDA Fast Track designation for its gene therapy candidate ECUR-506.
Precision BioSciences has presented preclinical data showcasing the high-efficiency gene editing capabilities of its ARCUS platform, with over 85% efficiency in T cells and 39% in primary human hepatocytes. These recent developments are part of the company's ongoing efforts to advance gene editing therapies.
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