"A well-known adage reminds us that corporate insiders and 10% owners really only buy shares of a company because they believe the stock price will rise and they want to profit from it. Thus, insider buying can be an encouraging signal for potential investors. This is all the more so during times of uncertainty in the markets, and even when markets are near all-time highs."
"An initial public offering brought out these buyers. MapLight Therapeutics is a clinical-stage biopharmaceutical company engaged in the development of novel therapeutics for central nervous system disorders like schizophrenia and Alzheimer's. The gross proceeds of the IPO totaled $296.3 million. Thus far, shares have traded in a range of $15.00 to $20.86, and they were last seen changing hands for over a dollar less than the offering price."
Beneficial owners and corporate insiders executed notable stock purchases recently. Catalyst4 and Novo Holdings, 10% owners, bought almost 6.4 million MapLight Therapeutics shares at $17.00 per share, totaling about $108.7 million in the IPO. MapLight is a clinical-stage biopharmaceutical developing central nervous system disorder therapeutics, and the IPO raised roughly $296.3 million in gross proceeds. Shares have traded between $15.00 and $20.86 and were last trading over a dollar below the offering price. Insider buying can signal confidence because insiders and large owners typically buy when they expect share price appreciation. Many insiders remain restricted during earnings season.
Read at 24/7 Wall St.
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