Last Updated on June 28, 2019 by Chris Stang
Here is a brief summary of recent, yet important developments for Calithera (CALA), TG Therapeutics (TGTX) and Array Biopharma (ARRY) that may impact your investments and trades.
On 6/27/19, Calithera filed a Form 4 revealing that the president and CEO of the company, Susan Molineaux, had purchased 51,600 shares on the open market at an average price of $3.88. These shares are being held in the Molineaux Family Trust. This $200,000 purchase shows insider confidence at the company after the recent sell-off due to Calithera’s secondary offering. This transaction occurred in conjunction with Susan’s husband Chistopher Molineaux. The filings for both parties can be found here: http://ir.calithera.com/financial-information/sec-filings
On 6/27/19, TG Therapeutics filed a Form 4 revealing that President and CEO of the company, Michael Weiss, had purchased 50,000 shares on the open market at an average price of $7.035. This transaction is valued at just over $350,000. This shares are being held by Caribe BioAdvisors, LLC, which Michael Weiss is the sole member. Like the Calithera transaction, this purchase shows insider confidence in the company, and resulted in the significant price appreciation yesterday. The filing can be found at this link: http://ir.tgtherapeutics.com/financial-information/sec-filings
On June 17th, Array announced that Pfizer intended to acquire Array for $11.4 billion dollars, or $48 per share cash. Both company’s board of directions approved the transactions, and the deal is expected to close in the second half of 2019. Currently, the share price of Array trades around $46.20, roughly 4% below the expected closing price of the deal. This may provide investors an opportunity to buy and hold Array shares till closing and appreciate a modest 3-4% return on their investment for their patience. I am hard-pressed to see a scenario where this deal does not go through, making this an apparent low risk situation. There is always a chance a second company comes in and offers a higher bid, but I find this extremely unlikely.
This is in no form a recommendation to buy or sell securities.
I/we long CALA and TGTX.