SAN DIEGO—Mark J. Gergen, the Executive Chairman of Poseida Therapeutics, Inc. (NASDAQ:PSTX), recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. On December 10, Gergen sold 30,000 shares of Poseida Therapeutics' common stock at an average price of $9.4622 per share, generating proceeds of approximately $283,866. The transaction comes as the stock trades near its 52-week high of $9.50, with the company's market capitalization reaching $928 million. InvestingPro data reveals the stock has delivered an impressive 243% return over the past six months.
This sale was part of a pre-arranged trading plan under Rule 10b5-1, which Gergen adopted on June 21, 2024. The shares were sold in multiple transactions at prices ranging from $9.44 to $9.49 per share. Following this transaction, Gergen retains direct ownership of 651,291 shares.
Additionally, Gergen exercised stock options to acquire 30,000 shares at a price of $2.781 per share, a transaction valued at $83,430. This option exercise was fully vested and exercisable. After the transactions, Gergen's total direct holdings stand at 681,291 shares.
In other recent news, Poseida Therapeutics, a biopharmaceutical company, has reported positive interim data from its Phase 1 trial of P-BCMA-ALLO1, a therapy for relapsed/refractory multiple myeloma. The therapy, developed in collaboration with Roche, has shown a 91% overall response rate. Poseida also introduced preclinical data for P-CD19CD20-ALLO1, its first dual CAR-T therapy targeting B-cell malignancies, suggesting more durable tumor cell killing compared to single-target CAR-T cells.
In recent developments, Poseida was acquired by Roche in a deal potentially worth up to $1.5 billion, leading to a downgrade in Poseida's valuation. Analysts from Piper Sandler and H.C. Wainwright have maintained positive ratings on Poseida, with H.C. Wainwright reiterating a Buy rating.
Poseida's financial health remains strong with pro forma cash reserves of approximately $246 million and an outstanding debt of $58.9 million. The company's strong revenue growth of 203% in the last twelve months is noteworthy, despite maintaining a focus on research and development with current negative profit margins. These are recent developments in the company's operations and collaborations.
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