Opaleye Management Inc., a significant shareholder in Protara Therapeutics, Inc. (NASDAQ:TARA), has recently sold a substantial number of shares in the biopharmaceutical company. The transactions, which took place on June 27 and 28, involved the sale of Protara Therapeutics' common stock at prices ranging from $2.0748 to $2.2581 per share.
The sales were reported in multiple transactions with a total value exceeding $142,000. On June 27, Opaleye Management sold 34,103 shares at an average price of $2.2581 and another 12,471 shares at the same price. These shares were sold at prices between $2.10 and $2.25. The following day, on June 28, the company sold 12,994 shares at an average price of $2.0748 and an additional 5,000 shares at the same price, with individual sales prices ranging from $2.05 to $2.26.
After these transactions, Opaleye Management's holdings in Protara Therapeutics were adjusted to 2,232,256 shares owned by Opaleye, L.P. and 90,000 shares by a managed account. Opaleye Management, as the investment manager of Opaleye, L.P. and the portfolio manager of the managed account, may be deemed to beneficially own the securities directly held by these entities.
The sales have been disclosed in compliance with SEC regulations, which require insiders and significant shareholders to report their trading activities. Opaleye Management has affirmed its readiness to provide full information regarding the number of shares sold at each specific price upon request.
Protara Therapeutics, based in New York, specializes in the development of treatments in the biological products sector. The company's stock is publicly traded, and these transactions offer insight into the trading activities of one of its major investors.
In other recent news, Protera Therapeutics has been making strides in the biopharmaceutical sector. The company's ongoing studies of TARA-002 for patients with high-risk non-muscle invasive bladder cancer (NMIBC) have shown encouraging clinical outcomes. This has led Oppenheimer to increase the price target on Protera Therapeutics' shares to $30, maintaining an Outperform rating. TD (TSX:TD) Cowen also reiterated a Buy rating for the company's stock, with a price target of $50.00.
Protera Therapeutics has also completed an oversubscribed $45 million private investment in public equity deal, extending the company's cash runway into 2026. Additionally, the company is planning to initiate a registrational trial for IV Choline Chloride, targeting parenteral nutrition patients, in the first half of 2025.
The company's trials and developments are part of recent advancements in the sector. The anticipation is building for the initial six-month Phase 2 data, expected to be released in the second half of the year. In the meantime, Oppenheimer and TD Cowen's analysis highlights Protera Therapeutics as a promising investment.
InvestingPro Insights
Protara Therapeutics, Inc. (NASDAQ:TARA) has recently seen notable activity from one of its significant shareholders, Opaleye Management Inc. To further understand the financial health and market position of Protara Therapeutics, let's delve into some key metrics and insights from InvestingPro.
InvestingPro Data indicates a challenging financial landscape for Protara Therapeutics. The company's market capitalization stands at a modest $42.42 million, reflecting its size within the biopharmaceutical industry. The stock's recent performance has been turbulent, with a one-week total return of -7.96% and a more concerning three-month total return of -48.13%. This volatility is also highlighted by a price that is currently at 39.69% of its 52-week high.
Despite these challenges, Protara Therapeutics holds more cash than debt on its balance sheet, which is a silver lining for the company's financial stability. Additionally, two analysts have revised their earnings upwards for the upcoming period, suggesting a potential improvement in the company's earnings outlook. This is particularly relevant for investors who may be reassessing the stock following the recent sales by Opaleye Management.
InvestingPro Tips for Protara Therapeutics also reveal that the company is quickly burning through cash and has weak gross profit margins. Moreover, analysts do not anticipate the company will be profitable this year, which aligns with the negative earnings per share figures reported for the last twelve months. It's worth noting that Protara Therapeutics does not pay a dividend, which may be a factor for income-focused investors to consider.
For those interested in a deeper analysis, InvestingPro offers additional insights and tips for Protara Therapeutics, which can be found at https://www.investing.com/pro/TARA. There are 13 additional InvestingPro Tips available, providing a comprehensive view of the company's financial health and market performance.
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