Robin Shane Readnour, a director at AN2 Therapeutics, Inc. (NASDAQ:ANTX), has recently increased his stake in the company through multiple purchases of common stock. According to a recent SEC filing, Readnour acquired a total of 60,000 shares over several transactions between December 6 and December 10, 2024. The purchases were made at prices ranging from $1.4287 to $1.4935 per share, amounting to a total investment of $86,708. The timing is notable as the stock trades at $1.51, significantly below its 52-week high of $22.22, with InvestingPro analysis indicating the stock is currently undervalued.
These transactions, which occurred over a span of five days, have increased Readnour’s holdings in the company to 652,573 shares. The shares are held indirectly through MGC Venture Partners 2018 LP and MGC Venture Partners QP 2018 LP, with Readnour having shared voting and dispositive power over these shares. The micro-cap company, valued at $43 million, maintains a strong financial position with a current ratio of 9.75 and receives a ‘Fair’ overall financial health score.
AN2 Therapeutics, based in Menlo Park, California, operates in the pharmaceutical preparations sector, and Readnour’s increased investment may reflect confidence in the company’s future prospects. Analyst targets range from $1 to $5 per share, suggesting potential upside from current levels.
In other recent news, AN2 Therapeutics has been met with mixed trial results for its drug candidate EBO, leading TD Cowen to adjust its rating from Buy to Hold. The company’s future engagement with the FDA regarding the EBO program is eagerly anticipated. Meanwhile, AN2 Therapeutics has other projects in the pipeline, including a Phase 1 trial for a Chagas disease treatment and a Phase 2 trial for a melioidosis therapy, both set for 2025.
In addition, AN2 Therapeutics has received an extension on its research grant from the Bill & Melinda Gates Foundation. This extension will bolster the company’s efforts to develop novel treatments for tuberculosis and malaria. Furthermore, AN2 Therapeutics has implemented a stockholder rights plan in response to a significant acquisition of its shares by BML Investment Partners.
Evercore ISI has maintained an ‘In Line’ rating for AN2 Therapeutics amidst these recent developments. The company ended the quarter with $118 million in cash reserves, deemed sufficient for reaching the crucial data readout phase. These recent developments highlight AN2 Therapeutics’ commitment to its pipeline programs.
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