Athenex Inc (NASDAQ: ATNX) is making a run for the top early on in the trading session, trading on gains of more than 12%. If you go digging for press releases, you’ll be hard pressed to find anything. Nonetheless, there’s a good reason for the gains:
ATNX Stock Soars As CFO Snaps Up Shares
GuruFocus published its list of weekly CFO buys this morning, and Athenex took center stage in the article. The company was spotlighted after its CFO, Randoll SZE purchased 1,000 shares on October 17, 2019 at an average price of $10.99 per share.
Since Sze purchased the shares, the stock has fallen by 10.01%. At the moment, ATNX trades with a market cap of around $750 million.
It’s also worth mentioning that the company’s CFO isn’t the only insider that’s snapping up shares. The company’s CEO also purchased shares. His shares were purchased on October 16, when Mr. Johnson Yiu Nam Lau purchased 6,000 shares at $10.16 each.
The stock also saw a big purchase from Life Sciences Master Perspective. The firm purchased 67,222 shares of ATNX at an average price of $10.29 per share on October 16.
Why This Is Leading To Movement In The Stock
There are a couple of reasons that the recent insider and institutional buys are leading to excitement among investors. First and foremost, you don’t see CEOs and CFOs of small publicly traded companies buying shares unless they believe that the price of their shares is headed up.
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