Peter Altman, the President and CEO of BioCardia, Inc. (NASDAQ:BCDA), recently increased his stake in the company through two separate transactions. The insider buying comes as the stock has declined 25% in the past week, with shares currently trading at $2.01, significantly below analyst targets ranging from $6 to $25. On April 2, Altman purchased 500 shares of common stock at a weighted average price of $2.23 per share. This transaction was executed in multiple trades, with prices ranging from $2.16 to $2.28 per share.
The following day, April 3, Altman acquired an additional 600 shares at a weighted average price of $2.20 per share, with individual trade prices ranging from $2.15 to $2.29 per share. The total value of these purchases amounts to $2,435. After these transactions, Altman now holds 110,720 shares of BioCardia stock.
In other recent news, BioCardia Inc. reported a significant reduction in expenses for the fourth quarter of 2024, with total expenses decreasing by 35% year-over-year. The company reduced its R&D expenses by 43% and SG&A expenses by 16%, leading to a net loss reduction to $7.9 million from $11.6 million in the previous year. BioCardia also shared positive updates on its Cardiamp heart failure trial, which showed promising results, and announced the completion of enrollment for the Mercardiallo therapy low-dose cohort. The company is preparing for regulatory submissions and new trial activations, with ongoing discussions in the U.S. and Japan. BioCardia’s CEO, Peter Altman, highlighted the robust data supporting the Cardiamp Heart Failure II trial. Additionally, BioCardia expects a modest increase in R&D expenses in 2025 while maintaining SG&A expenses close to 2024 levels. The company ended the year with cash and cash equivalents totaling $2.4 million.
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