Major holder adds to stake in beaten-down biotech company.
Insiders in the health, pharmaceutical, and biotech space continue to buy shares of their beaten-down companies near today’s prices.
The latest big buy? At shares of one of the smaller biotech plays, Dova Pharmaceuticals (DOVA).
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On July 3rd, the Perceptive Life Sciences Master Fund, which already owns more than 10 percent of shares and has a seat on the board of directors, added to their stake.
The fund bought 20,541 shares, paying just under $300,000. But this isn’t their first buy with this company. They also bought shares on June 28th, that time picking up over 427,000 shares and increasing their stake by over $5.7 million.
Founded in 2016, Dova is a pharmaceutical company focusing on acquiring and developing drug candidates specifically for thrombocytopenia disease. Shares have traded between $6 and $30 in the past year, and have recently started to rally, closing 9 percent higher on Wednesday just under $18 per share.
Action to take now: With major shareholders adding to their stake, and with a 52-week high at $30, shares have plenty of room to run. As a smaller pharma play, there are fewer options trades available, making shares one of the more interesting bets in the market right now.