Opaleye Management Inc., a notable investment management firm, has recently sold shares in Protara Therapeutics, Inc. (NASDAQ:TARA), a company specializing in biological products. The transactions, which took place on July 1, 2024, involved the sale of a total of 8,288 shares of common stock at an average price of $2.1233, amounting to nearly $18,000.
The sales were carried out in multiple transactions with prices ranging from $2.1021 to $2.1611. This information comes from a recent Form 4 filing with the Securities and Exchange Commission, which details the trading activities of the company's insiders.
The bulk of the shares, specifically 5,788 shares, were sold by Opaleye, L.P., a fund managed by Opaleye Management Inc., leaving them with a remaining interest of 2,213,474 shares. Additionally, a separately managed account under Opaleye's portfolio management offloaded 2,500 shares, resulting in an ownership of 87,500 shares post-transaction.
The sales reflect transactions by an entity that is considered a ten percent owner of Protara Therapeutics, thus making these disclosures significant for investors monitoring insider activity. Opaleye Management, through its control of Opaleye, L.P. and the managed account, may be deemed to beneficially own the shares held by both entities.
Investors and the market at large often keep a close eye on insider trading patterns as they can provide insights into a company's internal perspective and future prospects. The recent sales by Opaleye Management Inc. are now part of the public record and provide additional data points for those analyzing Protara Therapeutics' stock performance and ownership structure.
In other recent news, Protara Therapeutics has been making significant strides in its various clinical trials. The company recently announced positive three-month data from its ongoing clinical studies of TARA-002 in patients with high-risk non-muscle invasive bladder cancer (NMIBC), which has prompted Oppenheimer to increase the stock price target to $30 from the previous $26. TD Cowen also maintained a positive outlook on Protara Therapeutics, reiterating a Buy rating and a $50.00 price target for the company's stock, citing the encouraging results from the trials.
Protara Therapeutics also recently completed a $45 million private investment in public equity (PIPE) deal, attracting several prominent life science funds. This financial boost is expected to extend the company's cash runway into 2026, providing a stable financial platform for continued development.
The company is also planning to initiate a registrational trial for IV Choline Chloride, targeting parenteral nutrition (PN) patients, in the first half of 2025. This comes after discussions with the U.S. Food and Drug Administration (FDA), expanding the drug's potential use to a broader patient population.
Furthermore, Protara Therapeutics has announced a private placement financing deal expected to generate approximately $45 million in gross proceeds. The proceeds from this private placement, combined with existing cash reserves, are anticipated to fund operations into 2026.
These are the recent developments that have been reported about Protara Therapeutics.
InvestingPro Insights
As Protara Therapeutics, Inc. (NASDAQ:TARA) experiences insider trading activity, investors seeking a deeper understanding of the company's financial health can turn to real-time data from InvestingPro. With a market capitalization of $43.03 million USD and a concerning price-to-earnings (P/E) ratio of -0.55, Protara's financial landscape presents a complex picture. Further analysis shows that the stock's price is currently at 40.08% of its 52-week high, and it closed at $2.03 USD in the previous session.
InvestingPro Tips for Protara Therapeutics highlight several critical factors that investors may want to consider. Notably, the company holds more cash than debt on its balance sheet, which is a positive sign for financial stability. Additionally, two analysts have revised their earnings upwards for the upcoming period, potentially indicating a more optimistic outlook for the company's financial performance. However, it's important to note that Protara is quickly burning through cash and suffers from weak gross profit margins, which could raise concerns about its long-term sustainability.
For investors interested in a comprehensive analysis, there are 13 additional InvestingPro Tips available for Protara Therapeutics, which can be accessed by visiting https://www.investing.com/pro/TARA. To deepen your investment research, consider utilizing the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, offering you an even greater array of tools and insights.
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