In a series of transactions this week, Mitchell Steiner, President and CEO of Veru Inc. (NASDAQ:VERU), sold a total of 171,875 shares of company stock, resulting in proceeds of over $246,928. The sales took place over three consecutive days, with prices ranging from $1.3179 to $1.4974 per share.
On May 15, Steiner sold 84,021 shares at a weighted average price of $1.4974, with the range of prices for the transactions between $1.4800 and $1.5200. The following day, he sold 59,788 shares at an average of $1.4071, with individual sales prices ranging from $1.3800 to $1.4650. The final sale occurred on May 17, with 28,066 shares sold at a weighted average of $1.3179, within a price bracket of $1.3000 to $1.3450.
Despite these sales, Steiner remains a significant shareholder in Veru Inc., with a beneficial ownership of 9,686,180 shares after the transactions, making him the company's second-largest shareholder. The shares sold represent only a small fraction, approximately 1.7%, of Steiner's total holdings in the pharmaceutical company.
The sales were reportedly conducted to address certain personal matters, as stated in the footnotes of the SEC filing. Additionally, Steiner holds 144,000 shares indirectly through trusts for the benefit of his adult children, over which he serves as trustee. He disclaims beneficial ownership of these shares, except to the extent of any pecuniary interest.
Investors and observers of Veru Inc. will continue to monitor insider transactions as they provide insights into executives' perspectives on the company's valuation and future prospects.
InvestingPro Insights
In light of the recent insider transactions at Veru Inc., investors may be seeking additional context to gauge the company's financial health and market position. According to InvestingPro data, Veru Inc. has a market capitalization of approximately $193.22 million. Despite a challenging period, as reflected by a negative revenue growth of -36.67% over the last twelve months as of Q2 2024, the company has witnessed a substantial three-month price total return of 172.84% as of the same period. This suggests that while the company's sales have declined, its stock has experienced significant investor interest and price appreciation in the short term.
InvestingPro Tips provide further insights into Veru's financial stance. Notably, the company holds more cash than debt on its balance sheet, which is a positive indicator of financial stability. However, analysts are not optimistic about the company's profitability in the near term and expect a sales decline in the current year. Moreover, Veru's valuation implies a poor free cash flow yield, and the stock is known to trade with high price volatility.
For investors considering a deeper dive into Veru Inc.'s financials and market performance, InvestingPro offers a comprehensive suite of additional tips. There are 11 more InvestingPro Tips available for Veru Inc., which can be accessed by visiting https://www.investing.com/pro/VERU. These tips could provide valuable insights for those looking to make an informed investment decision. To enhance your InvestingPro experience, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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