NEW YORK— Checkpoint Therapeutics , Inc. (NASDAQ:CKPT) Chief Financial Officer Garrett Gray has sold a significant portion of the company's stock, according to a recent SEC filing. On December 18, Gray divested 268,432 shares of common stock at an average price of $4.01 per share, totaling approximately $1,076,412. The transaction comes as CKPT shares have surged over 103% in the past year, according to InvestingPro data.
The sale was conducted to satisfy tax withholding obligations related to the vesting of restricted stock, as per the company's corporate policies. Following this transaction, Gray retains ownership of 1,032,754 shares, which include restricted shares that vest over time. InvestingPro analysis indicates the stock currently trades at $3.75, with analyst price targets ranging from $7 to $27.
Checkpoint Therapeutics, a pharmaceutical company based in Waltham, Massachusetts, continues to focus on developing and commercializing novel treatments for cancer. With a market capitalization of $181 million and a current ratio of 0.29, the company shows some financial challenges, as reflected in its WEAK Financial Health Score on InvestingPro. Investors will be watching closely to see how this insider sale impacts the company's stock performance.
In other recent news, Checkpoint Therapeutics has been making strides in the financial and healthcare sectors. The company reported second-quarter results that exceeded both firm and consensus estimates, with an earnings per share of ($0.18). Additionally, the company secured an extra $12 million from a recent offering.
Lake Street Capital Markets has shown confidence in Checkpoint Therapeutics by raising the stock's price target from $4.00 to $7.00 and maintaining a Buy rating. The firm projects continued growth for Checkpoint Therapeutics into 2025, despite the company's current financial challenges.
Recent developments also include promising results from Checkpoint Therapeutics' cosibelimab trial. The updated data shows increasing response rates over time, surpassing previous observations. H.C. Wainwright reiterated a Buy rating on the stock, expressing confidence in cosibelimab's potential market opportunity.
In other company news, Checkpoint Therapeutics announced a stock sale expected to generate approximately $12 million and entered a partnership with GC Cell to evaluate the combination of their cancer treatments, cosibelimab and GC Cell's Immuncell-LC. These developments reflect Checkpoint Therapeutics' ongoing efforts in the field of immunotherapy and targeted oncology.
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