Spine device company LDR Executive Vice President, CFO Robert McNamara sold 40,000 shares of LDR stock on Monday, according to a WatchListNews report.
Here are five things to know about the sale:
1. The shares were sold at $24.65 per share, equaling $986,000. On May 20, LDR Executive Vice President, General Manager Patrick Richard sold 151,000 shares of the company's stock in an open market transaction. The average sale price during Mr. Richard's transaction was $24.50 and the total transaction topped $3.6 million.
The company proposed an initial public offering in September 2013 to raise $75 million by offering 5 million shares for $14 to $16 each. The company announced a second public offering in April, extending its offering to 1.3 million shares sold at $27.90 per share, which would result in $32.1 million in capital.
The company planned to use the capital to growl sales and marketing, research and development and invest in outside technology. At that time, LDR also hinted the capital could be used to acquire "complementary businesses."
2. LDR's market cap is currently $634.7 million. On June 9, LDR received notice that the underwriters for its follow-on public offering exercised their over-allotment option in full to purchase 195,000 additional shares of common stock from LDR and 400,813 additional shares of common stock from selling stockholders. The purchase price for stock in both instances was $24.50 per share and the company did not receive any proceeds from the sale.
Piper Jaffray & Co., and William Blair and Company acted as joint book-running managers for the offering. Cowen and Company and RBC Capital Markets acted as co-lead managers with JMP Securities, Stephens Inc., and Bryan, Garnier & Co., as co-managers.
3. Mr. McNamara now directly owns 3,333 shares in the company, valued at around $82,158. On the same day the sale occurred, LDR announced Mr. McNamara would present at the 9th Annual JMP Securities Healthcare Conference later this month. Mr. Richard reportedly owned 429,668 shares after his sale in May, valued at around $10.5 million.
4. On Tuesday after Mr. McNamara's sale, LDR traded down 1.23 percent mid-day, hitting $24.92, according to the report. Stock trading volume was 98,255. Earlier this year, Piper Jaffray raised their price on LDR shares from $27 to $33 in one research note. On the same day, JMP Securities raised LDR to $34 and the company was rated at "outperform."
5. The company's 52-week low is $17.79 and the high is $40.39. Fifty-day moving average is $24.23. The company's first quarter financial report showed a net loss of $2.5 million and revenue of $3.1 million. Revenue was up over the first quarter of 2013. The company also reported gross profits of $25.8 million during the first quarter.
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