MENLO PARK, CA—Joshua M. Eizen, the Chief Operating Officer and Chief Legal Officer of AN2 Therapeutics, Inc. (NASDAQ:ANTX), recently sold 9,663 shares of the company’s common stock. The transaction, which took place on January 3, 2025, was valued at approximately $12,958, with the shares sold at an average price of $1.341 each.
The sale was conducted to satisfy tax withholding obligations arising from the vesting of Restricted Stock Units (RSUs) on January 1, 2025. Following this transaction, Eizen retains ownership of 116,672 shares, which includes various RSUs scheduled to vest over the coming years, subject to his continued service with the company. According to InvestingPro analysis, AN2 Therapeutics currently appears undervalued, with analyst price targets ranging from $1 to $5.
This transaction reflects Eizen's ongoing management of his equity holdings in AN2 Therapeutics, a pharmaceutical company based in Menlo Park, California. The company maintains a strong liquidity position with a current ratio of 9.75, though it faces near-term challenges as reflected in its Fair financial health rating from InvestingPro.
In other recent news, AN2 Therapeutics has been in the spotlight due to a series of significant developments. The biopharmaceutical company's drug candidate EBO, developed for refractory nontuberculous mycobacterial infections, did not show a difference in culture conversion rates in Phase 2 trials. This outcome has led TD (TSX:TD) Cowen to adjust its rating on AN2 Therapeutics stock from Buy to Hold. The company is now considering whether to proceed with the Phase 3 trial of EBO, with a decision expected following discussions with the FDA.
Furthermore, AN2 Therapeutics has received an extension for its research grant from the Bill & Melinda Gates Foundation, supporting the company's efforts to develop novel treatments for tuberculosis and malaria. The funding will aid in the discovery of inhibitors targeting aminoacyl-tRNA synthetases, utilizing AN2's proprietary boron chemistry platform.
In response to a substantial acquisition of its shares by BML Investment Partners, AN2 Therapeutics has implemented a stockholder rights plan. This plan is designed to protect the company's shareholders against potential coercive takeover tactics. Despite discontinuing its EBO-301 study for treatment-refractory MAC lung disease, AN2 Therapeutics remains committed to its pipeline programs, initiating Phase 1 clinical development for chronic Chagas disease and a Phase 2 study for melioidosis. Evercore ISI has maintained its 'In Line' rating for AN2 Therapeutics amidst these recent developments.
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