Heather L. Mason, a director at Assertio Holdings, Inc. (NASDAQ:ASRT), recently acquired 75,000 shares of the company's common stock. The shares were purchased at a price of $0.80 each, totaling an investment of $60,000. Following this transaction on November 18, Mason's total holdings in the company increased to 287,650 shares. The transaction was filed with the Securities and Exchange Commission on November 19.
In other recent news, Assertio Holdings reported its third-quarter results, highlighting steady sales of its flagship product, ROLVEDON, which maintained consistent sales of $15 million. Despite a slight decline in total product sales to $28.7 million, primarily due to a decrease in INDOCIN sales, Assertio has plans for expansion. The company aims to grow ROLVEDON's market presence and tap into the underpenetrated Sympazan market.
Assertio also reported a GAAP net loss of $2.9 million but achieved an adjusted EBITDA of $5.3 million. The firm ended the quarter with total cash of $88.6 million, having generated $15 million from operations year-to-date.
In terms of leadership, Peter Staple is retiring, and Heather Mason has been appointed as Chairwoman of the Board. Looking ahead, Assertio plans to expand ROLVEDON's presence into hospitals starting in 2025, and is considering potential deals focusing on strategic fit. These are the recent developments in the company's journey.
InvestingPro Insights
Heather L. Mason's recent purchase of Assertio Holdings, Inc. (NASDAQ:ASRT) shares comes at a time when the company's stock is trading at a significant discount to its 52-week high. According to InvestingPro data, ASRT's stock price is currently at 46.81% of its 52-week high, suggesting potential upside if the company can address its recent challenges.
Despite the company's recent financial struggles, with revenue declining by 25.77% over the last twelve months, there are some positive indicators for investors to consider. An InvestingPro Tip highlights that Assertio holds more cash than debt on its balance sheet, which could provide financial flexibility during this period of revenue contraction.
Another InvestingPro Tip notes that the stock's valuation implies a strong free cash flow yield, potentially indicating that the market has oversold the stock relative to its cash-generating abilities. This could align with Mason's decision to increase her stake in the company.
It's worth noting that while Assertio is not currently profitable, analysts predict the company will return to profitability this year. This optimism, combined with the company's low price-to-book ratio of 0.61, suggests that the stock may be undervalued at current levels.
For investors seeking a more comprehensive analysis, InvestingPro offers 5 additional tips and a range of financial metrics to help inform investment decisions in Assertio Holdings.
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