Tevogen Bio (NASDAQ:TVGN) Announces Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• Tevogen Bio reported a quarterly earnings per share (EPS) of ($0.03), exceeding analysts' expectations of ($0.05) by $0.02.
• Despite positive earnings results, Tevogen Bio's stock fell by 3.4% to $0.9307 during mid-day trading.
• CEO Ryan H. Saadi sold over 1.4 million shares of the company's stock, maintaining ownership of approximately 116.8 million shares after the transaction.

Tevogen Bio (NASDAQ:TVGN - Get Free Report) released its quarterly earnings data on Tuesday. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02, Zacks reports.

Tevogen Bio Price Performance

Shares of TVGN traded up $0.0320 during mid-day trading on Friday, hitting $0.9364. The company's stock had a trading volume of 456,978 shares, compared to its average volume of 1,461,427. The company's 50-day moving average is $1.11 and its 200-day moving average is $1.16. Tevogen Bio has a 52-week low of $0.2556 and a 52-week high of $3.09.

Analyst Upgrades and Downgrades

Separately, D. Boral Capital reaffirmed a "buy" rating and issued a $10.00 price target on shares of Tevogen Bio in a research report on Monday, August 18th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, Tevogen Bio presently has a consensus rating of "Buy" and a consensus price target of $10.00.

Insider Buying and Selling

In related news, CEO Ryan H. Saadi sold 1,438,206 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $1.23, for a total transaction of $1,768,993.38. Following the completion of the sale, the chief executive officer owned 116,814,453 shares of the company's stock, valued at $143,681,777.19. This represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 73.24% of the stock is owned by insiders.

About Tevogen Bio

Tevogen Bio Holdings Inc operates as a clinical-stage specialty immunotherapy company that develops off-the-shelf precision T cell therapies for the treatment of infectious diseases, cancers, and neurological disorders. The company develops TVGN 489, which has completed Phase 1 clinical trial for the treatment and prevention of chronic lingering symptoms of the disease (Long COVID), as well as COVID-19 in B cell immune suppressed acute COVID-19 patients without a B cell cancer indication, elderly and infirm acute COVID-19 patients, and acute COVID-19 in patients on T cell suppressing drugs, including solid organ transplant patients.