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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