Assertio Holdings, Inc. (NASDAQ:ASRT) CEO Brendan P. O'Grady recently acquired shares of the company's common stock, according to a regulatory filing. On November 14, O'Grady purchased 11,706 shares at a weighted average price of $0.85 per share, totaling approximately $9,950. The transaction was executed in multiple trades, with prices ranging from $0.84 to $0.85 per share. Following this acquisition, O'Grady holds 11,706 shares directly.
In other recent news, Assertio Holdings reported its third-quarter results, revealing a slight dip in total product sales to $28.7 million, primarily attributed to a decrease in INDOCIN sales. On the brighter side, Assertio's flagship product, ROLVEDON, maintained steady sales at $15 million. The company also announced plans for expansion, particularly focusing on growing ROLVEDON's market presence and leveraging the underpenetrated Sympazan market.
Assertio's financials showed a GAAP net loss of $2.9 million, but an adjusted EBITDA of $5.3 million was achieved. The company's cash position remained strong, with total cash at the end of the quarter amounting to $88.6 million. Changes in leadership were also announced, with Peter Staple retiring and Heather Mason stepping in as the Chairwoman of the Board.
Looking forward, the company's sales guidance for 2024 is set at approximately $60 million, and plans are underway to extend ROLVEDON's presence into hospitals starting in 2025. Despite some challenges, such as the decline in INDOCIN sales and a net loss for the quarter, Assertio's focus on strategic product positioning and market expansion indicates a positive outlook for the company's future. These are among the recent developments in the company.
InvestingPro Insights
Brendan P. O'Grady's recent purchase of Assertio Holdings, Inc. (NASDAQ:ASRT) shares aligns with several key financial metrics and insights provided by InvestingPro. The CEO's decision to invest nearly $10,000 in company stock comes at a time when ASRT is trading at a low revenue valuation multiple, according to InvestingPro Tips. This could suggest that O'Grady sees potential value in the company's shares at current prices.
Despite recent challenges, including a 25.77% revenue decline over the last twelve months as of Q3 2024, InvestingPro Data shows that Assertio maintains a strong gross profit margin of 72.22%. This robust margin may be a factor in the CEO's confidence in the company's future prospects.
InvestingPro Tips also indicate that Assertio holds more cash than debt on its balance sheet, which could provide financial flexibility as the company navigates its current challenges. This solid financial footing might be particularly appealing to O'Grady as he increases his stake in the company.
It's worth noting that while the company was not profitable over the last twelve months, analysts predict that Assertio will be profitable this year, according to InvestingPro Tips. This positive outlook could be another driving factor behind the CEO's stock purchase.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for Assertio Holdings, providing a deeper understanding of the company's financial health and market position.
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