Michael Amoroso, the President and CEO of Precision BioSciences Inc . (NASDAQ:DTIL), has recently sold shares in the company. According to a filing with the Securities and Exchange Commission, Amoroso sold 36,838 shares of common stock on January 21, 2025, at a price of $4.67 per share, totaling approximately $172,033. The transaction comes amid significant market volatility for DTIL, which has seen its share price decline by 50% over the past six months, with the company's market capitalization currently standing at $38 million.
The transaction was part of a pre-established Rule 10b5-1 trading plan, designed to cover tax obligations related to the vesting of restricted stock units (RSUs). The filing indicates that Amoroso's sale was solely for covering taxes and fees, with no additional shares disposed of for other reasons. Following this sale, Amoroso retains ownership of 107,087 shares of Precision BioSciences. According to InvestingPro, the company maintains a GOOD financial health score despite recent stock volatility.
The filing also detailed several non-cash transactions involving the acquisition of RSUs, which were converted into common stock at no cost. These RSU transactions occurred on January 20, 2025, and resulted in Amoroso acquiring 115,388 shares, which are subject to vesting conditions based on continued service to the company. InvestingPro analysis suggests the stock is currently trading below its Fair Value, with additional insights available through their comprehensive financial analysis platform.
In other recent news, Precision BioSciences has made significant progress in gene editing trials and financial stability. The company reported a complete clinical response in the first infant dosed in a Phase 1/2 clinical trial for Ornithine Transcarbamylase (OTC) deficiency, using its ARCUS gene editing platform. This outcome has boosted confidence in the ARCUS platform's ability to perform sophisticated gene edits.
Following these developments, BMO Capital's analyst Kostas Biliouris upgraded Precision BioSciences from Market Perform to Outperform, setting a price target of $34.00. Biliouris highlighted the promising nature of the iECURE data and the early clinical validation for the ARCUS platform.
Further, Precision BioSciences has reported an unaudited estimate of approximately $108.5 million in cash, cash equivalents, and restricted cash as of December 31, 2024. The company expects its current financial resources to sustain operations into the second half of 2026.
The company also received approval for its Clinical Trial Application (CTA) in Hong Kong for PBGENE-HBV, marking a significant milestone in the development of in vivo gene editing therapies. This approval allows the company to extend its ELIMINATE-B Phase I trial to Hong Kong, targeting chronic hepatitis B (HBV).
Despite these advancements, BMO Capital maintained its Market Perform rating and $34.00 price target for Precision BioSciences, focusing on the clinical development of PBGENE-HBV, which recently received CTA approval. The company is expected to deliver clinical data for this program in 2025.
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