Company Update (NASDAQ:CRIS): Curis, Inc. Announces Grant Approval of Inducement Stock Options to Purchase 18,000 Shares
Curis, Inc. (NASDAQ:CRIS) announced that on January 1, 2017, the independent Compensation Committee of the Board of Directors of Curis approved the grant of inducement stock options to purchase a total of 185,000 shares of Curis common stock to eight new employees, with a grant date of January 1, 2017 (the “Q1 2017 Inducement Grants”).
Each of the Q1 2017 Inducement Grants has an exercise price per share equal to the closing price of the Company’s common stock on December 30, 2016, the last trading date prior to the date of grant. Each stock option has a 10 year term and vests over four years, with 25% of the original number of shares underlying the award vesting on the first anniversary of the employee’s date of hire and an additional 6.25% of the original number of shares underlying the award vesting on each successive three-month period thereafter, subject to the new employee’s continued service with the Company through the respective vesting dates. Each stock option was granted as an inducement equity award outside of the Company’s Amended and Restated 2010 Stock Incentive Plan, as amended, and was made as an inducement material to such employee’s acceptance of employment with the Company. (Original Source)
Shares of Curis Inc. closed today at $3.15, up $0.03 pr +0.96%. CRIS has a 1-year high of $3.72 and a 1-year low of $1.25. The stock’s 50-day moving average is $3.13 and its 200-day moving average is $2.38.
On the ratings front, RBC analyst Adnan Butt reiterated a Buy rating on CRIS, with a price target of $7, in a report issued on October 12. The current price target implies an upside of 122% from current levels. According to TipRanks.com, Butt has a yearly average loss of 0.5%, a 47% success rate, and is ranked #3131 out of 4348 analysts.
Curis, Inc. is a biotechnology company, which is focused on the development and commercialization of innovative drug candidates for the treatment of human cancers. Its pipeline includes is CUDC-907, an orally-available, small molecule inhibitor of histone deacetylase, or HDAC, and phosphatidylinositol-3-kinase, or PI3K enzymes. The company conducts research programs both internally and through strategic collaborations.