Pamela Ann Connealy, the Chief Financial Officer and Chief Operating Officer of Pyxis Oncology, Inc. (NASDAQ:PYXS), has recently acquired a significant number of shares in the company. According to a recent SEC filing, Connealy purchased a total of 88,850 shares of Pyxis Oncology common stock on November 26, 2024. The transactions were executed at a price range of $1.96 to $2.00 per share, amounting to a total value of approximately $174,364.
The shares were acquired in two separate transactions. The first involved the purchase of 5,450 shares at $2.00 per share, which are held directly by the Personal Def Ben Pln Trust, a revocable trust for which Connealy and her spouse are trustees. The second transaction consisted of 83,400 shares acquired at a weighted-average price of $1.96 per share. These shares are held indirectly by Connealy's spouse.
Following these transactions, Connealy holds a total of 1,199,143 shares of Pyxis Oncology. The acquisitions reflect a continued investment in the company, underscoring her confidence in Pyxis Oncology's prospects.
In other recent news, Pyxis Oncology has seen promising initial clinical data from its '201 ADC trial in oncology. RBC (TSX:RY) Capital Markets responded by raising its price target on the company's shares from $7 to $10, maintaining an Outperform rating. The '201 ADC demonstrated efficacy across six tumor types, particularly in head and neck squamous cell carcinoma. Despite minor safety concerns, the overall drug profile suggests it is well tolerated, leading RBC Capital to see potential for further development in multiple high-value indications.
In further developments, Pyxis Oncology expanded its equity and incentive plan by 5.5 million shares, a decision supported by stockholders in a recent virtual meeting. The company's recent financial performance was in line with expectations, reporting no revenues for the quarter ending June 2024, but a lower than anticipated net loss of $0.29 per share. H.C. Wainwright projects revenues of $16 million and a net loss of $0.89 per share for fiscal year 2024.
The company also sold royalty rights for Beovu® and another asset to Novartis AG (SIX:NOVN) for $8 million, funds earmarked for advancing the development of PYX-201. The annual stockholders' meeting saw the election of new board members and the ratification of Ernst & Young LLP as the company's independent auditor for the fiscal year ending December 31, 2024. Analysts from H.C. Wainwright, Stifel, Jefferies, and RBC Capital continue to rate Pyxis Oncology as Buy or Outperform, recognizing the potential of the company's ADC mechanism and PYX-201.
InvestingPro Insights
The recent insider purchase by Pamela Ann Connealy aligns with several interesting metrics and tips from InvestingPro. According to InvestingPro data, Pyxis Oncology's stock has experienced significant price declines, with a 53.66% drop in the past week and a 51.9% decrease over the last three months. This context makes Connealy's purchase particularly noteworthy, as it may signal her belief in the company's underlying value despite recent market challenges.
An InvestingPro Tip indicates that the stock's Relative Strength Index (RSI) suggests it is in oversold territory, which could potentially explain the timing of Connealy's purchase. Additionally, the company holds more cash than debt on its balance sheet, and its liquid assets exceed short-term obligations. These factors may contribute to the CFO's confidence in the company's financial stability.
However, it's important to note that Pyxis Oncology is not currently profitable, with a negative operating income of $64.37 million in the last twelve months. The company's revenue stands at $16.15 million, with a high gross profit margin of 97.06%, indicating efficient core operations despite overall losses.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Pyxis Oncology, providing a deeper understanding of the company's financial health and market position.
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