In a recent financial move, Vassiliki Economides, the Executive Vice President and Chief Financial Officer of Gritstone bio, Inc. (NASDAQ:GRTS), has sold a portion of her company shares. The transaction, which took place on May 16, 2024, involved the sale of 13,749 shares at a weighted average price ranging from $0.735 to $0.7616 per share. The total value of the shares sold amounted to approximately $10,288.
This sale was conducted to cover the tax liability associated with the settlement of Performance Stock Units (PSUs), as certified by Gritstone bio’s Board of Directors. The PSUs were granted based on the achievement of specific performance criteria. Half of these units vested immediately on May 15, 2024, with the remaining half set to vest on May 15, 2025, contingent on Economides’ continued service with the company.
In addition to the sale, Economides also acquired 27,128 shares as a result of the PSUs that vested. These shares have a contingent right to convert to Gritstone bio’s common stock. Following these transactions, Economides’ ownership in the company includes 320,842 RSUs and PSUs that are still subject to vesting.
Gritstone bio, headquartered in Emeryville, California, operates in the biotechnology sector, focusing on biological products excluding diagnostic substances. The company, formerly known as Gritstone Oncology (NASDAQ:), Inc., is incorporated in Delaware and has marked its presence in the life sciences industry under the name 03 Life Sciences.
Investors and followers of Gritstone bio will continue to monitor insider transactions as they provide insights into executive confidence and company health.
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InvestingPro Insights
As investors scrutinize the insider selling by Vassiliki Economides at Gritstone bio, Inc., it’s essential to consider the company’s financial health and market performance. Gritstone bio, with a current market capitalization of $85.44 million, reflects its position in the biotech sector. The company’s stock trades with a high level of price volatility, which is a critical factor for investors to be aware of. This volatility is evident in the stock’s significant 63.55% price decline over the last three months, as of the first quarter of 2024.
Analyzing Gritstone bio’s financial metrics sheds light on the company’s challenges. The company’s Price / Book ratio stands at 6.12 as of the last twelve months leading to Q1 2024,…
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