In a recent transaction, Edward P. Feener, the Chief Scientific Officer of KalVista Pharmaceuticals, Inc. (NASDAQ:KALV), sold 8,088 shares of the company's common stock. The sale, which took place on May 20, 2024, was executed at an average price of $11.7645 per share, resulting in a total value of $95,151. This transaction was part of a plan to cover tax withholding obligations related to the vesting and settlement of restricted and performance stock units.
The shares sold by Feener were not part of a discretionary transaction; instead, they were sold to meet tax withholding requirements through a "sell to cover" transaction. The prices at which the shares were sold ranged from $11.7644 to $11.965, with full information on the number of shares sold at each price available upon request.
Feener's sale of common stock follows the vesting of restricted and performance stock units, which represent a contingent right to receive shares of KalVista Pharmaceuticals' common stock. These units vested in accordance with the company's performance metrics and Feener's continued service through each vesting date.
KalVista Pharmaceuticals is a biopharmaceutical company focused on the discovery, development, and commercialization of small molecule protease inhibitors. The company's shares are publicly traded on the NASDAQ stock exchange under the ticker symbol KALV.
InvestingPro Insights
KalVista Pharmaceuticals, Inc. (NASDAQ:KALV) has been navigating a challenging financial landscape, as evidenced by recent metrics and analyst insights. With a market capitalization of approximately $489.81 million, the company's financial health and stock performance are of keen interest to investors. According to InvestingPro data, KalVista's price to book ratio stands at a high 5.53 as of the last twelve months ending Q3 2024, which may suggest the stock is valued richly relative to its book value.
InvestingPro Tips highlight that KalVista holds more cash than debt on its balance sheet, indicating a potentially strong liquidity position. However, the company is also quickly burning through cash and has not been profitable over the last twelve months. Analysts have revised their earnings projections downwards for the upcoming period, and do not anticipate the company will be profitable this year. These factors could be crucial for investors considering the implications of the Chief Scientific Officer's recent stock sale.
InvestingPro data further reveals a significant price uptick over the last six months, with a 50.19% return, although the year-to-date price total return has been negative at -5.22%. The company's stock price, as of the previous close, was $11.88. Investors may want to take note of these trends in conjunction with the company's next earnings date, which is set for July 5, 2024.
For those looking to delve deeper into KalVista Pharmaceuticals' financials and stock performance, InvestingPro offers more insights and tips. By using the coupon code PRONEWS24, readers can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable resources. As of now, there are 6 more InvestingPro Tips available for KalVista, which could provide further guidance to investors monitoring the company's trajectory.
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