Pain Therapeutics (PTIE) Hits New 1-Year Low After Insider Selling

Pain Therapeutics, Inc. (NASDAQ:PTIE) shares reached a new 52-week low during mid-day trading on Tuesday following insider selling activity. The company traded as low as $0.83 and last traded at $0.85, with a volume of 9060 shares. The stock had previously closed at $0.89.

Specifically, major shareholder Armistice Capital, Llc sold 1,200,000 shares of Pain Therapeutics stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $1.02, for a total transaction of $1,224,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Armistice Capital Master Fund sold 1,256,000 shares of Pain Therapeutics stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $1.02, for a total value of $1,281,120.00. The disclosure for this sale can be found here. 31.40% of the stock is owned by insiders.

Separately, ValuEngine raised Pain Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, May 2nd.

The company has a market capitalization of $6.40 million, a price-to-earnings ratio of -0.48 and a beta of 2.72.

Pain Therapeutics (NASDAQ:PTIE) last issued its quarterly earnings results on Thursday, July 26th. The biopharmaceutical company reported ($0.36) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.65) by $0.29.

A hedge fund recently raised its stake in Pain Therapeutics stock. Northern Trust Corp increased its stake in Pain Therapeutics, Inc. (NASDAQ:PTIE) by 152.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,144 shares of the biopharmaceutical company’s stock after purchasing an additional 23,062 shares during the quarter. Northern Trust Corp owned approximately 0.55% of Pain Therapeutics worth $270,000 as of its most recent filing with the Securities and Exchange Commission. 33.43% of the stock is currently owned by hedge funds and other institutional investors.

About Pain Therapeutics (NASDAQ:PTIE)

Pain Therapeutics, Inc develops drugs for nervous system disorders in the United States. The company's lead drug candidate is REMOXY, a proprietary abuse-deterrent oral formulation of oxycodone to treat severe chronic pain. It is also developing FENROCK, a proprietary abuse-deterrent transdermal pain patch for pain relief; PTI-125, a small molecule drug candidate to treat Alzheimer's disease; and PTI-125DX, a blood-based diagnostic/biomarker to detect Alzheimer's disease.

Recommended Story: Using the New Google Finance Tool

Receive News & Ratings for Pain Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pain Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply