Navidea Biopharmaceuticals Inc (NYSEAMERICAN: NAVB) is making a run for the top in the market this morning, climbing more than 34% early on. However, with no press out, many are wondering just what’s happening.
The gains seem to be the result of an SEC filing announcing a 4 million share purchase combined with an analyst initiation that shines a bright light on NAVB stock. Here’s what’s going on:
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Current Investor Buys 4 Million Shares Of NAVB Stock
Perhaps the biggest story surrounding Navidea Biopharmaceuticals is the fact that one of the company’s larger investors more than doubled down on his investment. The news became public through an SEC filing available here.
According to the filing, John K. Scott Jr. purchased 4 million shares of NAVB stock. The shares were purchased at an average price of $0.75 each. As a result of the purchase, Mr. Scott now owns 5,113,078 of the company’s common shares, giving him a total investment value of $4,090,462.40 in shares based on the current price of $0.80 each.
The Company Also Saw A Premarket Initiation
The fact that Mr. Scott has increased his holdings in NAVB by more than 359% is great news. However, it’s not the only news that seems to be driving the value of the stock today.
In fact, analysts at RBC initiated coverage on the stock with an overwhelmingly positive opinion. In fact, the analysts at RBC initiated coverage with a Buy rating a a $2 price target. Based on the price target, RBC sees a potential upside of 250%.
While it’s never a good idea to blindly follow the opinions of analysts, it is a good idea to at least pay attention to what they are saying. In the case of Navidea Biopharmaceuticals, one of the most trusted firms on the street sees potential, so it’s not surprising to see excited investors reacting.
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