Suvretta Capital Management, LLC, along with its affiliated funds, Averill Master Fund, Ltd. and Averill Madison Master Fund, Ltd., reported a series of acquisitions of Benitec Biopharma Inc. (NASDAQ:BNTC) shares, according to a recent SEC filing. The purchases, made on December 23 and 24, 2024, totaled $527,174. The transactions involved buying shares at prices ranging from $10.98 to $11.25. According to InvestingPro data, BNTC has delivered an impressive 258% return year-to-date, with the stock currently trading at $12, representing a significant premium to the fund's purchase prices.
The acquisitions included a purchase of 24,360 shares by Averill Master Fund at an average price of $10.98 and 3,142 shares by Averill Madison Master Fund at the same average price. Additionally, on December 24, Averill Master Fund acquired 17,730 shares at $11.25 per share, and Averill Madison Master Fund bought 2,288 shares at the same price. Analysts tracked by InvestingPro maintain price targets ranging from $17 to $35 for the stock, suggesting potential upside from current levels.
These transactions increase the total shares held by the funds, with Averill Master Fund now owning 7,999,455 shares and Averill Madison Master Fund holding 960,554 shares. The purchases were executed in multiple open market transactions, as noted in the filing. The company, with a market capitalization of $269 million, maintains strong liquidity with a current ratio of 15.01, indicating robust short-term financial health. For deeper insights into BNTC's financial metrics and growth potential, including 10+ additional ProTips, explore the comprehensive research available on InvestingPro.
In other recent news, Benitec BioPharma has been making significant strides in the field of gene therapy. Analysts from H.C. Wainwright and Baird initiated coverage on the company, setting price targets of $28.00 and $30.00 respectively, citing the potential of the company's lead candidate, BB-301, for the treatment of oculopharyngeal muscular dystrophy (OPMD). This innovative therapy has shown favorable clinical data in two patients, and more subjects are expected to provide additional data in the coming months.
In addition to this, Benitec BioPharma announced significant changes to its executive team, including the appointment of a new Chief Operating Officer, Sophie Mukadam, and the confirmation of Megan Boston as the Company’s Secretary and Chief Financial Officer. The company also granted stock options to Dr. Jerel Banks, the Chairman and Chief Executive Officer, and to Ms. Boston, as part of its ongoing efforts to incentivize the leadership team's performance.
Benitec BioPharma also amended its corporate charter to authorize the issuance of up to 5 million shares of preferred stock, providing more flexibility in financing its operations and pursuing growth opportunities. Furthermore, the company's shareholders have approved key proposals, demonstrating support for the company's current direction and strategy. These are the recent developments indicating the ongoing progress of Benitec BioPharma.
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