U.S. stocks lower as investors rotate out of tech ahead of Jackson Hole
BEDFORD, MA—Ticho Barry, Chief Medical (TASE:BLWV) Officer of Stoke Therapeutics, Inc. (NASDAQ:STOK), a $452 million market cap biotech company, recently sold shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. InvestingPro data shows the company maintains strong liquidity with a current ratio of 5.8, though it’s currently unprofitable. On March 18 and 19, Barry sold a total of 7,217 shares, generating approximately $61,238. The sale prices ranged from $8.27 to $8.67 per share. According to InvestingPro analysis, analysts maintain a strong buy consensus with price targets ranging from $15 to $47.
Following these transactions, Barry now holds 60,629 shares of Stoke Therapeutics’ common stock. The sales were conducted to satisfy tax withholding liabilities related to the vesting and settlement of restricted stock units.
In addition to the sales, Barry was also granted 64,000 employee stock options and 43,000 restricted stock units on March 20. These grants are part of the company’s compensation plan and will vest over time, contingent upon Barry’s continued service with the company.
In other recent news, Stoke Therapeutics reported fourth-quarter adjusted earnings per share of -$0.18, surpassing analyst expectations of -$0.55. The company’s revenue for the quarter reached $22.61 million, significantly exceeding the consensus estimate of $4.1 million and marking a notable increase from $2.8 million in the same period last year. Stoke Therapeutics also announced a leadership change, with CEO Dr. Edward Kaye stepping down and transitioning to an advisory role while remaining on the board. Despite the strong financial performance, the focus shifted to the CEO transition. H.C. Wainwright reiterated its Buy rating and $47 price target for Stoke Therapeutics, emphasizing the company’s solid foundation and strategic positioning. Analysts highlighted the promising data from the Phase 1/2 trials of zorevunersen, which showed potential in reducing seizure frequency and improving behavior and cognition. The company plans to initiate the Phase 3 EMPEROR study in the second quarter of 2025, following regulatory alignment and positive trial outcomes. Additionally, Stoke Therapeutics ended 2024 with $246.7 million in cash, bolstered by a $165 million upfront payment from a collaboration with Biogen (NASDAQ:BIIB), which is expected to fund operations through mid-2028.
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