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New 52-Week Low Could Prompt More Insider Buying At GRPH

By Market News Video Staff, Friday, August 20, 9:39 AM ET
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In trading on Thursday, shares of Graphite Bio Inc (NASDAQ:GRPH) touched a new 52-week low of $18.10/share. That's a $15.90 share price drop, or -46.76% decline from the 52-week high of $34.00 set back on 06/30/2021. Large percentage drops always require that the stock post even larger percentage gains from the low in order to recover the old price point, and for GRPH that means the stock would have to gain 87.85% to get back to the 52-week high. For a move like that, Graphite Bio Inc would need fundamental strength at the business level.

Here's a rhetorical question: Who knows more about fundamentals at the business level than the company's own insiders? So let's take a look to see whether any company insiders were taking the other side of the trade as GRPH shares were being sold down to this new 52-week low, focusing on the most recent trailing six month period. As summarized by the table below, GRPH has seen 2 different instances of insiders buying over the past six months.

Purchased Insider Title Shares Price/Share Value
06/29/2021 Smital Shah Director 5,882 $17.00 $99,994.00
06/29/2021 Davis Jerel Director 180,000 $17.00 $3,060,000.00
06/29/2021 Venture Capital Vi, L.P. Versant 180,000 $17.00 $3,060,000.00
06/29/2021 Biocapital, L.P. Samsara 500,000 $17.00 $8,500,000.00

In the short run, while the new 52-week low suggests the stock is at the cheapest price and perhaps therefore the best bargain it has been over the last 52 weeks, the low print also means anyone who has purchased the stock over that timeframe is staring at an unrealized loss. Oftentimes, that factor drives a stock's technical analysis metrics by creating overhead resistance, with investors who bought higher now anxious to reverse their trade once they are back to breakeven. The chart below shows where GRPH has traded over the past year, with the 50-day and 200-day moving averages included.

Graphite Bio Inc Moving Averages Chart

Time will tell whether the insider purchases foretell a future rebound for GRPH shares, which are presently showing a last trade of $18.12/share, slightly above the new 52-week low.


This Article's Word Cloud:   Bargains   Biocapital   Capital   Cheaper   Davis   Director   GRPH   Graphite   Here   Insider   Insiders   Jerel   Large   Oftentimes   Price   Purchased   Samsara   Shah   Share   Shares   Smital   Start   Than   That   Thursday   Time   back   below   business   company   from   high   insiders   last   level   means   over   past   percentage   price   share   shares   stock   that   trade   week   were   whether   with   would
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