Mark Iwicki, the Chief Executive Officer of KALA BIO, Inc. (NASDAQ:KALA), recently reported the sale of 5,779 shares of the company's common stock. The transaction, which took place on January 6, 2025, was executed at a weighted average price of $7.63 per share, amounting to a total value of $44,093. This sale was made under a 10b5-1 trading plan to cover tax obligations related to previously granted restricted stock units (RSUs). The stock has shown strong momentum, gaining over 10% in the past week, with shares currently trading at $7.69. According to InvestingPro, the company maintains a healthy balance sheet with more cash than debt.
In addition to the sale, Iwicki acquired 22,100 shares of common stock at no cost as part of a grant of restricted stock units under the company's equity incentive plan. These RSUs will vest in three equal installments over the next three years, contingent on Iwicki's continued employment with KALA BIO. Furthermore, Iwicki was granted stock options for 99,500 shares, exercisable at $7.53 per share, which will vest over four years. With a market capitalization of $34.44 million, KALA maintains a FAIR overall financial health score according to InvestingPro analysis.
Following these transactions, Iwicki holds a total of 280,076 shares of KALA BIO, including 194,739 unvested RSUs. Analysts maintain a bullish outlook on the stock, with a price target of $15 per share. InvestingPro subscribers can access 10+ additional insights and detailed financial metrics to better understand KALA's market position and potential.
In other recent news, Kala Bio, a biopharmaceutical company, recently raised $10.75 million through a private placement of common and preferred stock to institutional investors. The transaction, which is expected to close by the end of the year, will support the clinical development of their lead candidate, KPI-012, for persistent corneal epithelial defect (PCED). The company also announced the immediate resignation of board member Mark S. Blumenkranz, M.D., with no successor named yet.
Simultaneously, Kala Pharmaceuticals (NASDAQ:KALA) retained its Buy rating and $15.00 stock price target from H.C. Wainwright, following a lower than expected net loss of $9.0 million for the third quarter. The firm has also noted that the Phase 2b CHASE trial of KPI-012 is progressing as anticipated, with top-line results expected in the second quarter of 2025.
Lastly, Kala Bio is also developing a second candidate, KPI-014, for inherited retinal degenerative diseases, which is currently in the preclinical stage. These are recent developments from the company, focusing on creating treatments for rare and severe eye diseases.
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