Hussain Iqbal J, the General Counsel at Centessa Pharmaceuticals plc (NASDAQ:CNTA), recently sold a significant portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Iqbal sold 77,705 ordinary shares on December 16, 2024, at an average price of $16.3922 per share, amounting to a total transaction value of approximately $1.27 million. The sale comes as CNTA shares trade near their 52-week high of $18.97, having delivered an impressive 135% return over the past year. InvestingPro analysis indicates the stock is currently trading above its Fair Value, with comprehensive insights available in the Pro Research Report.
The sales were conducted under a Rule 10b5-1 trading plan, which was adopted on September 14, 2024. The shares were sold in multiple transactions at prices ranging from $15.94 to $16.76. Following this transaction, Iqbal retains ownership of 125,785 shares directly.
Additionally, the filing also reported an acquisition of 6,000 shares through the exercise of share options at a price of $5.84 per share. This transaction added $35,040 to the total value of shares acquired.
In other recent news, Centessa Pharmaceuticals has seen a series of positive developments. Leerink Partners raised the company's stock price target to $24, reflecting a more optimistic view on Centessa's product pipeline, particularly the ORX750 program. Guggenheim also increased its price target for Centessa to $28, maintaining a buy rating based on strategic developments, particularly updates for ORX750. BMO Capital Markets maintained its Outperform rating and a $35.00 price target for Centessa, based on new data for ORX142, which supports the company's leading position in the orexin agonist market. Oppenheimer also maintained its positive stance on Centessa with an Outperform rating and a steady price target of $24.00, buoyed by promising preclinical data for ORX142. Morgan Stanley (NYSE:MS) upgraded Centessa to Overweight, raising the price target to $26, following the promising interim Phase 1 results of the company's ORX750 study. These recent developments highlight Centessa's ongoing efforts in the pharmaceutical industry.
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