Dario Scimeca, General Counsel and Secretary of Precision BioSciences Inc . (NASDAQ:DTIL), recently executed a stock transaction involving the sale of company shares. According to a Form 4 filing with the Securities and Exchange Commission, Scimeca sold 588 shares of Precision BioSciences' common stock on November 4, 2024. The shares were sold at a price of $8.19 each, totaling approximately $4,815.
The filing also highlighted that the sales were conducted under a pre-arranged Rule 10b5-1 trading plan, which was adopted on July 14, 2023. This transaction was specifically a sell-to-cover, meaning shares were sold to cover tax withholding obligations related to the vesting and settlement of Restricted Stock Units (RSUs). The RSUs, which vested on November 2, 2024, were part of a grant originally awarded on November 2, 2022.
Following these transactions, Scimeca now directly owns 7,969 shares of the company's common stock.
In other recent news, Precision BioSciences, a gene-editing firm, has been making significant strides in its operations. The company recently maintained its Market Perform rating and $34.00 price target from BMO Capital, highlighting its upcoming clinical data for PBGENE-HBV and iECURE for Ornithine Transcarbamylase (OTC) deficiency. Precision BioSciences has also initiated a Phase 1 clinical trial for PBGENE-HBV, a potential cure for chronic hepatitis B, with approval in Moldova and applications pending in other regions.
The company's gene-editing platform, ARCUS, has demonstrated high-efficiency gene editing capabilities, with over 85% efficiency in T cells and 39% in primary human hepatocytes. This platform's potential extends beyond current gene editing methods, particularly for diseases needing functional restoration.
In addition, Precision BioSciences received a $13 million convertible note payment from Imugene Limited, bolstering its financial resources. The company's collaborator, iECURE, also received FDA Fast Track designation for its gene therapy candidate ECUR-506.
The company has reshuffled its clinical leadership team, appointing Dr. Murray Abramson as Senior Vice President, Head of Clinical Development, and John Fry as Strategic Clinical Advisor. These recent developments are part of Precision BioSciences' ongoing efforts to advance gene editing therapies.
InvestingPro Insights
In light of Dario Scimeca's recent stock transaction, it's worth examining Precision BioSciences Inc. (NASDAQ:DTIL) through the lens of InvestingPro data and tips. The company's financial position presents a mixed picture that investors should consider.
According to InvestingPro data, Precision BioSciences has a market capitalization of $61.41 million, with a price-to-earnings (P/E) ratio of 7.41. This relatively low P/E ratio could suggest that the stock is undervalued compared to its earnings. However, it's crucial to note that the company's revenue growth has been volatile, with a significant 95.61% quarterly decline reported in Q3 2024.
An InvestingPro Tip indicates that Precision BioSciences holds more cash than debt on its balance sheet, which is a positive sign for the company's financial stability. This aligns with another tip stating that the company's liquid assets exceed its short-term obligations, potentially providing a buffer against immediate financial pressures.
Despite these positive aspects, investors should be aware that Precision BioSciences is quickly burning through cash, as highlighted by another InvestingPro Tip. This rapid cash burn could be a concern, especially considering the company's recent revenue decline.
It's also noteworthy that the stock is trading near its 52-week low, which may interest value investors but could also signal ongoing challenges for the company. The fact that Precision BioSciences does not pay a dividend to shareholders further underscores the company's focus on reinvestment or managing its cash position.
For those interested in a deeper analysis, InvestingPro offers additional tips and metrics that could provide further insights into Precision BioSciences' financial health and market position. With 8 more tips available on the InvestingPro platform, investors can gain a more comprehensive understanding of the company's prospects and challenges.
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