CAMBRIDGE, MA—Alejandra Carvajal, the Senior Vice President and Chief Legal Officer of Mersana Therapeutics, Inc. (NASDAQ:MRSN), recently reported a sale of company stock. According to a filing with the Securities and Exchange Commission, Carvajal sold 952 shares of Mersana's common stock on January 15, 2025, at a price of $0.63 per share. The total value of the transaction was approximately $599. The sale comes as Mersana's stock has experienced significant pressure, with InvestingPro data showing a 71% decline over the past six months and currently trading near its 52-week low of $0.60.
This sale was part of a planned transaction to cover tax withholding obligations related to the vesting of restricted stock units (RSUs). The RSUs were originally awarded to Carvajal on January 14, 2022, and vested on January 14, 2025. The sale was executed through an automatic "sell to cover" arrangement, as outlined in a Rule 10b5-1 trading plan adopted by Carvajal on May 10, 2023. According to InvestingPro, analysts maintain a bullish outlook on MRSN with price targets ranging from $1 to $9, despite the company's current market capitalization of approximately $75 million.
Following these transactions, Carvajal retains direct ownership of 70,892 shares of Mersana Therapeutics' common stock. For deeper insights into MRSN's valuation and financial health metrics, investors can access comprehensive analysis through InvestingPro, which offers exclusive access to 16+ additional ProTips and detailed financial metrics.
In other recent news, Mersana Therapeutics has made significant strides in its ongoing clinical trials and financial status. The company's Q3 2024 earnings call revealed a substantial decrease in net loss, down to $11.5 million from Q3 2023's $41.7 million, along with a robust cash reserve of $155.2 million, projected to fund operations into 2026. On the clinical front, Mersana's antibody-drug conjugates (ADCs), XMT-1660 and XMT-2056, have shown promising developments.
The Phase I trials for XMT-1660, which targets B7-H4, have reached a dose escalation of 115 mg/m², with initial data expected by the end of 2024. The company is also seeing encouraging preclinical results for XMT-2056, which targets a novel HER2 epitope. Citi recently initiated coverage on Mersana with a Buy rating, spotlighting the potential of XMT-1660 and emphasizing the need for effective treatments in the Triple-Negative Breast Cancer space.
These recent developments underscore Mersana's commitment to addressing unmet medical needs, particularly in the treatment of endometrial and ovarian cancers. However, the company has not provided specific guidance on Overall Response Rate benchmarks for XMT-1660. Despite this, the overall tone from both Mersana and Citi remains optimistic about the potential impact of these novel treatments.
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