Dario Scimeca, General Counsel and Secretary of Precision BioSciences Inc . (NASDAQ:DTIL), a biotechnology company with a market capitalization of $38 million and currently trading at $4.97, executed a series of stock transactions recently. The stock has experienced significant volatility, having declined over 50% in the past six months. According to a recent SEC filing, Scimeca sold 8,928 shares of common stock on January 22, 2025, at a price of $4.79 per share, totaling $42,765. The sale was conducted under a pre-established Rule 10b5-1 plan and was intended to cover tax withholding obligations related to the vesting of Restricted Stock Units (RSUs).
On January 20, Scimeca acquired 25,312 shares through the vesting of RSUs, which were converted into common stock with no purchase price. Following these transactions, Scimeca holds 24,353 shares of Precision BioSciences' common stock.
In other recent news, Precision BioSciences has made substantial progress in gene editing technology. The company's shares soared following promising results from a Phase 1/2 clinical trial conducted by its partner, iECURE, aimed at treating Ornithine Transcarbamylase (OTC) deficiency. This trial demonstrated the potential of Precision BioSciences' ARCUS gene editing platform. BMO Capital upgraded Precision BioSciences from Market Perform to Outperform, citing promising data from the trial.
Additionally, Precision BioSciences has extended its ELIMINATE-B Phase I trial to Hong Kong, targeting chronic hepatitis B (HBV). The trial approval is a significant milestone in the development of in vivo gene editing therapies. BMO Capital has maintained its Market Perform rating and a $34 target for Precision BioSciences, focusing on the clinical development of PBGENE-HBV.
In terms of financial updates, Precision BioSciences reported an unaudited estimate of approximately $108.5 million in cash, cash equivalents, and restricted cash. The company anticipates that its current financial resources will sustain its operations into the second half of 2026. These recent developments highlight Precision BioSciences' continued advancements in gene editing therapies.
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