In a recent transaction, Manchester Management Co LLC, led by CEO James E. Besser, acquired shares of Modular Medical (TASE:PMCN), Inc. (NASDAQ:MODD). The purchase involved 166,666 shares of common stock, at a price of $1.50 per share, totaling approximately $249,999. This acquisition increases Manchester Management's stake to over 3.28 million shares, reflecting their continued investment in the medical instruments and apparatus company. The transaction was reported on November 21, 2024, as part of a regulatory filing.
In other recent news, Modular Medical, Inc. has secured a U.S. patent for key aspects of its MODD1 insulin pump, a significant step forward in its intellectual property portfolio. Concurrently, the company has commenced a proof-of-concept study investigating the use of the MODD1 pump for the delivery of rapid-acting GLP-1 therapies. This follows the recent FDA clearance of the MODD1 pump for insulin delivery in adults. Furthermore, the company has received FDA approval to market its new MODD1 insulin patch pump in the United States with sales planned for early 2025.
In terms of executive compensation, the Board of Directors granted new stock options to executive officers and non-executive employees, contingent on receiving FDA clearance for the MODD1 pump. Benchmark upgraded the company's stock price target and maintained a Speculative Buy rating. The company also initiated a manufacturing transfer to Phillips Medisize facilities in Mexico, marking a significant step towards high-volume production. These are the latest developments in Modular Medical's ongoing efforts to improve access to high-standard glycemic control for people with diabetes.
InvestingPro Insights
Following Manchester Management's recent acquisition of Modular Medical, Inc. (NASDAQ:MODD) shares, investors may benefit from additional context provided by InvestingPro data and tips.
As of the latest data, MODD's market capitalization stands at $58.28 million, reflecting its current position in the medical instruments sector. The company's stock has experienced significant volatility recently, with a 23.81% decline over the past week and a 27.93% drop in the last month. This recent downturn aligns with an InvestingPro Tip indicating that the stock's RSI suggests it may be in oversold territory, potentially presenting an opportunity for value investors.
Despite the recent share price weakness, MODD has demonstrated strong long-term performance, with an InvestingPro Tip highlighting a robust return over the last five years. This long-term strength contrasts with the company's current financial challenges, as another InvestingPro Tip notes that MODD is quickly burning through cash and is not profitable over the last twelve months.
The company's Price to Book ratio of 9.29 suggests a premium valuation compared to its book value, which may be a consideration for investors assessing the stock's current price levels in light of Manchester Management's recent purchase.
For readers seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for MODD, providing a deeper understanding of the company's financial health and market position.
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