Atara Biotherapeutics, Inc. (NASDAQ:ATRA) reported that its Executive Vice President and Chief Scientific & Technology Officer, AnhCo Nguyen, sold a total of 1,821 shares of the company's common stock. The transactions, which took place on August 16, 2024, resulted in a total sale value exceeding $12,000.
The sales were executed at weighted average prices ranging from $6.629 to $6.631 per share. These transactions were part of an automatic sale to cover tax withholding obligations associated with the vesting of previously granted restricted stock units. The sales were conducted under a sale-to-cover provision as outlined in the award agreement.
Following the sales, Nguyen's direct ownership in Atara Biotherapeutics stands at 34,118 shares. It's important to note that the reported ownership amount reflects adjustments due to a 1:25 reverse stock split effected by the issuer on June 20, 2024.
Investors and followers of Atara Biotherapeutics can stay informed about the company's insider transactions through regular SEC filings. These transactions provide a glimpse into the actions of company executives and can be an essential aspect of a comprehensive investment decision-making process.
In other recent news, Atara Biotherapeutics has seen a flurry of activity with significant developments across multiple fronts. The biopharmaceutical company received an upgrade from Mizuho Securities, moving from a Neutral to an Outperform rating, despite a decrease in the stock target from $25 to $18. This upgrade was influenced by the firm's positive outlook on Atara's core T-cell technology and potential upcoming milestones.
Atara Biotherapeutics has also executed a 1-for-25 reverse stock split, reducing the number of outstanding common shares from approximately 122.6 million to around 4.9 million. This strategic move is aimed at improving the market price of the company's common stock and meeting the continued listing requirements on The Nasdaq Stock Market LLC.
In terms of product development, Atara Biotherapeutics is making strides with its ATA3219 therapy, an allogeneic anti-CD19 chimeric antigen receptor (CAR) T-cell therapy candidate. Promising preclinical data suggests ATA3219's potential for treating B-cell driven autoimmune diseases. The therapy is currently under investigation in a Phase 1 trial for relapsed/refractory B-cell non-Hodgkin’s lymphoma.
The U.S. Food and Drug Administration (FDA) has accepted Atara Biotherapeutics' Biologics License Application (BLA) for tabelecleucel (tab-cel®). This acceptance could lead to a $20 million milestone payment to Atara from Pierre Fabre Laboratories, with an additional $60 million contingent upon FDA approval. These are the recent developments from Atara Biotherapeutics.
InvestingPro Insights
Atara Biotherapeutics, Inc. (NASDAQ:ATRA) has recently witnessed significant movements in its stock performance, alongside insider transactions that can offer deeper insights into the company's financial health. The market capitalization of Atara stands at a modest $34.6 million, reflecting the scale of the company within the biotechnology sector. Despite a challenging period, analysts are anticipating sales growth in the current year, which could signal a potential turnaround for the company's revenue trajectory.
InvestingPro data shows an impressive revenue growth of 809.03% over the last twelve months as of Q2 2024, which is a notable highlight for the company. However, this growth comes with the context of a significant gross profit margin deficit of -201.9%, indicating that despite increasing sales, the cost of goods sold has far exceeded the revenue generated. This is corroborated by the fact that Atara has reported a gross profit of -$125.96 million in the same period.
Atara's stock price has experienced a downward trend, with a 1-year price total return of -80.72%, reflecting investor concerns and aligning with the InvestingPro Tip that the stock has fared poorly over the last month. The price at the previous close was $7.19, which is a stark contrast to the fair value estimates by analysts and InvestingPro, which stand at $11.5 and $9.77 respectively. This suggests a potential undervaluation, offering an interesting point of consideration for investors.
For those looking to delve deeper into Atara Biotherapeutics' financials and future prospects, there are additional InvestingPro Tips available, including insights on earnings revisions by analysts and the company's cash burn rate. In total, there are 14 additional tips listed on InvestingPro, providing a comprehensive analysis for those interested in making an informed investment decision.
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