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Bargain Hunters Take Note: Insider Cluster-Buying At RLMD
By Market News Video Staff, Thursday, February 1, 10:52 AM ET
A particularly strong insider buying signal is what we call a "cluster-buy" where three or more different insiders make open market purchases within a short period of one another. At Relmada Therapeutics Inc (NASDAQ:RLMD), 3 different insiders purchased 171,645 shares at an average price of $3.86/share, for a total of $663,374, with the most recent purchase on January 31, 2024.
Presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money. So when multiple insiders all decide to make purchases around the same time, it could be a strong indication that the stock is undervalued. Below is a table summarizing the insider buys that make up this "cluster":
Purchased
Insider
Title
Shares
Price/Share
Value
01/31/2024
Sergio Traversa
Chief Executive Officer
100,000
$3.87
$386,737.56
01/31/2024
Maged Shenouda
Chief Financial Officer
32,675
$3.85
$125,716.68
01/31/2024
Chuck Ence
CA and CO
38,970
$3.87
$150,920.13
The chart below shows the one year performance of RLMD shares, versus its 200 day moving average. Note that RLMD's low point in its 52 week range is $2 per share, with $4.72 as the 52 week high point — that compares with a last trade of $4.18, with shares currently trading up about 8.1% on the day.
This Article's Word Cloud:BargainsBelowCheaperChiefChuckDividendsEnceExecutiveFinancialFreeInsiderInsidersJanuaryMagedNoteOfficerPresumablyPricePurchasedRLMDRelmadaReportSergioShareSharesShenoudaStartThanTherapeuticsTitleTraversaValueaverageclusterdifferentinsiderinsidersmakemarketopenpointpurchasessharesharesstockstrongthattheirweekwith
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