"In the past week or so, secondary offerings from biotechs Immunovant Inc. ( NASDAQ: IMVT), Kymera Therapeutics Inc. ( NASDAQ: KYMR), and Wave Life Sciences Ltd. ( NASDAQ: WVE) prompted some huge insider buying from beneficial owners. In addition, a big insider purchase of Kenvue Inc. ( NYSE: KVUE) shares followed news that it is to be acquired. Though these were the most prominent insider purchases lately, there were some other notable ones as well. Let's take a quick look at these transactions."
"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 especially so during times of market uncertainty, and even when markets are near all-time highs."
"Immunovant Buyer(s): 10% owner Roivant Sciences Total shares: almost 16.7 million Price per share: $21.00 Total cost: nearly $350.0 million Last month, Immunovant reported a wider-than-expected quarterly loss and provided a key pipeline update. That report temporarily halted the stock's momentum, and the clinical-stage immunology company recently had a public offering of stock intended to raise $550 million. The beneficial owner above took advantage of the offering to boost its stake."
Large insider purchases followed secondary offerings at Immunovant, Kymera Therapeutics, and Wave Life Sciences, and a big insider buy occurred after Kenvue acquisition news. Corporate insiders and 10% owners typically buy shares because they expect price appreciation, making insider buying a potentially encouraging signal for investors, especially amid market uncertainty. The third-quarter earnings-reporting season is effectively over, leaving few insiders restricted from transactions. Roivant Sciences increased its Immunovant stake by almost 16.7 million shares at $21.00 per share, costing nearly $350 million. Immunovant recently reported a wider-than-expected loss, updated its pipeline, and completed a public offering to raise $550 million.
Read at 24/7 Wall St.
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