In a recent transaction disclosed via SEC filing, Paul J. Mellett, the Chief Financial and Administrative Officer of Enanta Pharmaceuticals Inc . (NASDAQ:ENTA), sold 2,591 shares of the company’s common stock. The shares were sold at a weighted-average price of $8.06, amounting to a total transaction value of $20,883. The transaction occurred amid challenging market conditions, with the stock down over 30% in the past six months and currently trading at $8.64.
This sale was conducted on December 6, 2024, and was primarily to cover withholding taxes due from the settlement of a restricted stock unit award granted in November 2022. The sale was not a discretionary transaction by Mellett but was necessitated by tax obligations, as stated in the filing. Following this transaction, Mellett retains ownership of 91,710 shares of Enanta Pharmaceuticals, held directly. For deeper insights into insider transactions and comprehensive financial analysis, including 6 additional ProTips, visit InvestingPro.
In other recent news, Enanta Pharmaceuticals' financial report for the fiscal fourth-quarter and full-year 2024 revealed royalty revenues of approximately $14.6 million from Mavyret in the hepatitis C virus market, a figure lower than Leerink's estimate and the FactSet consensus. Despite this, Leerink Partners raised its price target for Enanta to $12.00 and retained a Market Perform rating on the stock. The firm expects investors to shift their attention to upcoming events, including the expected release of Phase 2 RSVPEDs trial data for zelicapavir, and the progress of Enanta's EDP-323 respiratory syncytial virus (RSV) antiviral.
Meanwhile, Baird reduced its price target for Enanta to $20, maintaining an Outperform rating. This adjustment follows a recent earnings report and is in anticipation of upcoming clinical trial results. Enanta also reported promising results from its Phase 2a study of EDP-323, a treatment candidate for RSV, demonstrating significant reductions in viral load and clinical symptoms.
H.C. Wainwright reiterated its Buy rating on Enanta shares, emphasizing the company's proficiency in developing impactful antiviral therapies. The market is now looking forward to the results from the RSVPEDs study, which is testing zelicapavir in a pediatric patient population, expected in the fourth quarter of 2024. These are recent developments in Enanta Pharmaceuticals' ongoing efforts to address unmet medical needs in the treatment of respiratory infections.
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