Princeton, NJ—Peter J. Mariani, Chief Financial Officer of Cytosorbents Corporation (NASDAQ: ), recently acquired a large amount of the company's common stock. According to a recent SEC filing, Mariani bought 20,000 shares on December 13, 2024 at an average price of $0.9647 per share. The total value of this transaction is $19,294. Buying comes as the stock shows strong momentum, as well Investment Prof The data shows an increase of 14.75% over the previous week. The company, which is currently valued at about $55 million, has attracted the attention of analysts with price targets ranging from $1 to $10 per share.
The shares were purchased in open market transactions at prices ranging from $0.8902 to $1.09. Following this purchase, Mariani now directly owns 401,363 shares of Cytosorbents, including restricted stock units (RSUs) that are subject to vesting conditions. Accordingly Investment ProfThe company's current price represents a significant discount to its fair value, suggesting a potential upside opportunity. Clients can access additional information, including 6 more Pro-Tips and a comprehensive Pro Research Report, which provides an in-depth analysis of CTSO's financial health and growth prospects.
In more recent news, CytoSorbents Corporation has announced the terms of an upcoming rights offering, aiming to raise between $3.0 million and $5.0 million. The move could potentially double liquidity for the company, which is significant given recent analysis showing negative free cash flow of $18.8 million over the past twelve months. Proceeds are intended for general corporate purposes and to support operations through expected key regulatory decisions in 2025.
In terms of earnings and revenue, the company reported an 11% year-over-year increase in product sales in the third quarter of 2024, reaching $8.6 million. CytoSorbents' flagship product, CytoSorb, generated approximately $34 million in sales during the past year.
Recently, the company has made advances in its blood purification technology, particularly in critical care and cardiac surgery applications. CytoSorbents is also preparing for the launch of DrugSorb ATR, a device aimed at reducing perioperative bleeding, which has earned two FDA breakthrough device designations. The company has managed to reduce its operating expenses by 25% and reduce its cash burn by $2.7 million. Decisions on the DrugSorb ATR from the FDA and Health Canada are expected in 2025.
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