"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."
"This biotech-focused investment firm bought into a public offering of PepGen Inc. ( NASDAQ: PEPG) shares as the Boston-based company released stellar trial results. The offering raised $115 million, with which PepGen intends to fund ongoing research and clinical development efforts. The stock is more than 300% higher than a month ago and was last seen trading well above the offering price. However, the share price is still down about 45% year over year. But analysts on average see plenty of room to run, as their mean price target is up at $8.17 and their consensus recommendation is to buy shares."
Significant insider buying has occurred recently across several companies, led by a 10% owner purchasing almost 9.4 million PepGen shares at $3.20 each for about $30 million. PepGen raised $115 million in the offering to fund ongoing research and clinical development after strong trial results. The stock jumped over 300% in the prior month but remains about 45% below last year’s level. Analysts’ mean price target sits at $8.17 with a consensus buy recommendation. Insider buying often indicates belief in future share appreciation and is more visible now that second-quarter blackout restrictions have ended.
Read at 24/7 Wall St.
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