Fred A. Middleton, a director and significant shareholder of CalciMedica, Inc. (NASDAQ:CALC), has increased his stake in the company through a series of transactions on November 1, 2024. According to the recent SEC filing, Middleton purchased a total of 107,744 shares of CalciMedica common stock at a price of $3.75 per share, amounting to an investment of approximately $404,040.
The transactions were conducted in three separate purchases. Middleton directly acquired 20,000 shares and indirectly increased his holdings through Sanderling Venture Partners VI Co-Investment Fund, L.P. and Sanderling Ventures Management VI, adding 86,867 and 877 shares, respectively.
Following these transactions, Middleton's direct and indirect ownership of CalciMedica stock has increased, reflecting his continued confidence in the company's prospects.
In other recent news, biopharmaceutical company CalciMedica has been the focus of several key developments. H.C. Wainwright recently adjusted its price target for CalciMedica, reducing it to $16 from $20, while maintaining a Buy rating. This followed the release of late-breaking data from the Phase 2b CARPO trial of Auxora for the treatment of acute pancreatitis with systemic inflammatory response syndrome (SIRS).
CalciMedica has also initiated a public stock offering, handled by JonesTrading Institutional Services LLC. Corporate governance has seen an expansion of the 2023 Equity Incentive Plan by 1.5 million shares, following stockholder approval. The Annual Meeting resulted in the election of two Class I directors and the ratification of Moss Adams LLP as the principal independent registered public accounting firm for the fiscal year ending December 31, 2024.
The company's lead product candidate, Auxora, has shown positive results in clinical trials. The Phase 2b CARPO trial showed a significant reduction in severe respiratory failure and other critical endpoints in patients treated with high doses of Auxora compared to placebo. Analyst firms such as Oppenheimer and Singular Research have maintained positive ratings for CalciMedica, citing the company's recent clinical advancements and the market potential of its treatments. These are the recent developments in the company's operations.
InvestingPro Insights
Fred A. Middleton's recent purchase of CalciMedica, Inc. (NASDAQ:CALC) shares comes at a time when the company's stock has experienced significant volatility. According to InvestingPro data, CALC's stock has taken a substantial hit over the last week, with a 1-week price total return of -10.94%. This decline extends to a -19.7% return over the past month, suggesting that Middleton's purchase may be seen as a vote of confidence in the face of recent market challenges.
Despite the recent stock performance, CalciMedica maintains a strong balance sheet position. An InvestingPro Tip highlights that the company holds more cash than debt, which could provide financial flexibility as it navigates current market conditions. This cash position is particularly important given another InvestingPro Tip indicating that the company is quickly burning through cash, a common scenario for developing biopharmaceutical companies.
It's worth noting that CalciMedica's market capitalization stands at $46.61 million, reflecting its status as a small-cap biotech company. The stock is currently trading at $3.50, which is 42.66% of its 52-week high, potentially indicating room for upside if the company's prospects improve.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for CalciMedica, providing deeper insights into the company's financial health and market position.
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