In a recent transaction, Manchester Explorer, L.P., an entity associated with Modular Medical (TASE:PMCN), Inc. (NASDAQ:MODD), acquired 100,000 shares of the company’s common stock. This purchase, valued at approximately $168,950, was executed at a price of $1.6895 per share.
The acquisition adds to the holdings of Manchester Explorer, which now owns a total of 244,750 shares directly. This transaction reflects the ongoing involvement of Manchester Explorer and its associated entities in Modular Medical's operations, which maintains a healthy current ratio of 3.36, indicating strong short-term liquidity. James E. Besser, the managing member of the involved entities, plays a significant role in these transactions, further emphasizing the strategic interests of these stakeholders in the company.
This insider activity can be seen as a signal of confidence in Modular Medical's prospects, as the involved parties continue to maintain and increase their stake in the company. The stock has demonstrated strong momentum with a 31.2% return over the past year, despite InvestingPro analysis indicating current oversold conditions. For deeper insights into insider transactions and company fundamentals, subscribers can access 12 additional ProTips on the platform.
In other recent news, Modular Medical, Inc. has made significant strides in its product offerings and strategic developments. The company recently secured a U.S. patent for key aspects of its MODD1 insulin pump, a crucial advancement in its intellectual property portfolio. In parallel, the firm has commenced a proof-of-concept study to explore the use of the MODD1 pump for delivering rapid-acting GLP-1 therapies, expanding its potential applications.
The FDA has also cleared the MODD1 pump for insulin delivery in adults, and Modular Medical has received approval to market its new MODD1 insulin patch pump in the United States. The company plans to start sales in early 2025. Additionally, the Board of Directors granted new stock options to executive officers and non-executive employees, contingent on FDA clearance for the MODD1 pump.
Analysts from Benchmark have maintained a Speculative Buy rating for the company, following these developments. Furthermore, the company has initiated a manufacturing transfer to Phillips Medisize facilities in Mexico, marking a significant step towards high-volume production. These recent developments underscore Modular Medical's commitment to broadening access to diabetes management technology and aligning executive and employee incentives with regulatory and business milestones.
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