BCDA

BioCardia ($BCDA) CEO Makes 17 Stock Purchases Over 11 Months Despite 57% Price Drop: Clinical Progress and Insider Confidence Contrast with Financial Challenges

04/17/2025 23:48

BioCardia ($BCDA) CEO's persistent stock purchases amid a declining share price are drawing investor attention. Over the past 11 months, President Peter Altman has steadily acquired company shares across 17 separate transactions, with increased frequency in April. During this period, BioCardia's stock has plummeted approximately 57%, from $4.42 in early June 2024 to $1.91 as of April 16, 2025. This decline stands in stark contrast to the Nasdaq index, which, despite volatility, has maintained an overall upward trajectory. BioCardia is a clinical-stage biotechnology company developing cellular therapies for cardiovascular and pulmonary diseases, with its lead product CardiAMP currently in Phase III clinical trials for ischemic heart failure and refractory angina. On April 11, the company announced the initiation of patient enrollment at Emory University School of Medicine for its CardiAMP HF II pivotal study, and on April 15, revealed a positive review from the Independent Data Safety Monitoring Board (DSMB) for its Phase 1/2 clinical trial of CardiALLO allogeneic cell therapy for heart failure. Peter Altman has consistently purchased shares at various price points over the past 11 months. He acquired 2,000 shares in June 2024 when the stock was trading around $3.30, and added over 2,600 more shares in early April 2025 as the price fell below $2.00. Particularly notable was his concentrated buying of 1,200 shares in just one week from April 7 to April 15. Beyond Altman, Director Simon H. Stertzer made a substantial purchase of approximately 39,289 shares (worth about $90,514) in early March 2025. Conversely, SVP Edward M. Gillis sold 3,257 shares in December 2024, which the company described as being "for tax planning purposes." BioCardia's financial situation remains challenging. According to the recently reported Q4 2024 results, the company fell short of the expected $22,500 in revenue but improved its quarterly loss to $0.25 per share, significantly better than the $1.35 loss per share in the same quarter of the previous year. On an annual basis, the company reported a net loss of $7.95 million, a 31% improvement from the previous year's loss of $11.6 million. The company's cash reserves stand at $2.37 million, which, considering the annual operating cash flow of -$8.03 million, suggests a potential need for additional financing. The current market capitalization is approximately $8.8 million, placing it firmly in the small-cap biotech category. BioCardia achieved an important regulatory milestone in August 2024. Following the announcement that the FDA had cleared the company's Morph DNA steerable introducer device for marketing, the stock surged 92.73% in a single day. However, this momentum was short-lived, and the stock has since followed a downward trajectory. Industry experts maintain cautiously optimistic views on BioCardia's clinical pipeline. The progress in both the CardiAMP and CardiALLO programs is viewed positively, and the strengthening of the company's intellectual property portfolio is expected to contribute to long-term value. Analysts maintain a 'buy' rating on BioCardia, with a median 12-month price target of $15.50, substantially higher than the current share price. While the CEO's consistent stock purchases signal management's confidence in the company's long-term prospects, the future of this clinical-stage biotech firm will ultimately depend on clinical outcomes, regulatory decisions, and financing capabilities. In particular, the results of the ongoing CardiAMP HF II pivotal study and the CardiALLO clinical trial will be critical to BioCardia's long-term success.