Tevogen Bio (NASDAQ:TVGN) Announces Earnings Results

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) issued its quarterly earnings results on Tuesday. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.05) by $0.02, Zacks reports.

Tevogen Bio Stock Down 3.4%

NASDAQ:TVGN traded down $0.0331 during mid-day trading on Tuesday, hitting $0.9307. The stock had a trading volume of 600,313 shares, compared to its average volume of 1,435,011. The stock has a 50-day simple moving average of $1.13 and a two-hundred day simple moving average of $1.18. Tevogen Bio has a twelve month low of $0.2556 and a twelve month high of $3.09.

Wall Street Analysts Forecast Growth

Separately, D. Boral Capital reiterated a "buy" rating and set a $10.00 target price on shares of Tevogen Bio in a report on Monday. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $10.00.

Insiders Place Their Bets

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

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