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Coronado Biosciences New CEO Makes First Buy of the Year, Worth $114K
Posted by: Dianne Tordillo (IP Logged)
Date: January 16, 2013 04:09PM
Biopharmaceutical company, Coronado Biosciences, appointed a new CEO Harlan Weismanon Jan. 2. Weisman reported the company’s first insider buy of the year, totaling 20,000 shares according to GuruFocus Insider Buys.
Weisman purchased the shares at $5.71 a piece. The transaction came up to $114,200.
With a market cap of $137.01 million, Coronado focuses on the development of immunotherapy biologic agents, for treatment of autoimmune diseases and cancer.
Having only been publicly traded since 2011, Coronado has undergone much growth in its first year as a public company, increasing in market value by 10.2 percent.
The only Guru who has purchased the stock so far is Jim Simons of Renaissance Technologies, who bought 15,149 shares in the second quarter of 2012, and sold out by the following quarter.
CNDO data by GuruFocus.com
In Coronado’s latest reported fiscal results, the company revealed vast increases in research and development expenses in the first nine months of the company’s 2012 year, primarily due to the development of its TSO program, dedicated to holding clinical trials for treatment of Crohn’s disease. To aid in this initiative, the company secured a $15 million loan, which it anticipates will strengthen Coronado’s balance sheet and will provide sufficient cash to fund operations for 2014.
“As our lead products advance through clinical development, it is critical for Coronado to increase its visibility within the investment community and to make common stock available for any investors who recognize our current progress and future potential,” Dr. Bobby Sandage, former Coronado CEO said when the company announced its public listing. “We look forward to creating additional value for our current shareholders who have supported us thus far, as well as new shareholders.”
Sandage bought almost 14,000 shares of the company during Coronado’s first year in the public market, before stepping down as CEO and continuing as a president and director.
Current CEO, Weisman, on the other hand, served as a board director at Coronado since August 2012, before switching his title.
In 2012, Coronado’s insider buys reported 12 transactions — none of them sells so far.
Other insiders who have been big buyers of Coronado shares include Executive Chairman Glenn Cooper, who has purchased 23,811 shares, Director Jay Lobell who has purchased 25,000 shares, Executive Vice President Noah Beerman, who has purchased 15,000 shares and Executive Vice President Karin Hehenberger, who has purchased 20,000 shares.
To view Coronado Biosciences’ full insider activity list, visit CNDO: Insider Trades.
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Stocks Discussed: CNDO,