In a recent transaction, Daron Evans, Chief Financial Officer of Rezolute , Inc. (NASDAQ:RZLT), purchased 10,000 common shares of the company. The shares were acquired at a weighted average price of $4.29 per share, amounting to a total purchase value of $42,900. This transaction was completed on December 18, 2024. The purchase comes as the stock has experienced a 10% decline over the past week, though it has delivered an impressive 347% return year-to-date, according to InvestingPro data.
Following this acquisition, Evans now directly owns 150,900 shares of Rezolute. In addition to his direct holdings, Evans also holds shares indirectly through various entities, including PoC Capital, LLC, which is managed by him, and through family members, totaling an additional 82,000 shares. The company maintains a strong financial position, with InvestingPro analysis showing more cash than debt on its balance sheet and liquid assets exceeding short-term obligations.
The purchase underscores Evans' continued investment in Rezolute, a company specializing in pharmaceutical preparations. Investors often view insider buying as a positive signal, reflecting confidence in the company's future prospects. This confidence appears to be shared by Wall Street analysts, who have set price targets ranging from $8 to $16 per share, suggesting significant upside potential from current levels.
In other recent news, Rezolute Inc. has seen significant developments. Shareholders approved an increase in authorized common stock from 100 million to 165 million shares, strengthening the company's capital structure. Furthermore, the U.S. Food and Drug Administration (FDA) lifted the partial clinical holds on the company's pivotal trial for its lead drug candidate, ersodetug, a treatment for congenital hyperinsulinism (CHI). This allows Rezolute to proceed with clinical trials at all doses for patients older than 3 months.
In addition, the FDA cleared the Investigational New Drug application for a pivotal Phase 3 study of ersodetug in tumor-induced hyperinsulinism, with enrollment expected to start in the first half of 2025. Investment firms BTIG, Craig-Hallum, Jones Trading, and H.C. Wainwright have all maintained a Buy rating on Rezolute, with price targets set at $15.00, $14.00, and $12.00 respectively.
Rezolute's fiscal fourth quarter of 2024 concluded with $127.1 million in cash and equivalents, and the company anticipates this will support its operations into the second quarter of 2026. Furthermore, Rezolute recently raised approximately $67 million in gross proceeds from an additional stock offering. These developments highlight the company's solid financial position and ongoing commitment to its clinical trials.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.