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Top Buys by Top Brass: Chief Executive Officer Kumar's $156.8K Bet on ANIX
By Market News Video Staff, Friday, June 7, 2:24 PM ET
A company's own top management tend to have the best inside view into the business, so when company officers make major buys, investors are wise to take notice. 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 — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by the ''top brass'' over the trailing six month period, one of which was a total of $156.8K invested across 2 purchases by Amit Kumar, Chief Executive Officer at Anixa Biosciences Inc (NASDAQ:ANIX).
Kumar bets big on ANIX:
Purchased
Insider
Title
Shares
Price/Share
Value
03/15/2024
Amit Kumar
Chief Executive Officer
30,000
$3.22
$96,600.00
06/07/2024
Amit Kumar
Chief Executive Officer
25,000
$2.41
$60,250.00
Kumar's average cost works out to $2.85/share. In trading on Friday, bargain hunters could buy shares of Anixa Biosciences Inc (NASDAQ:ANIX) and achieve a cost basis lower than Kumar, with shares changing hands as low as $2.35 per share. Shares of Anixa Biosciences Inc were changing hands at $2.57 at last check, trading up about 11.7% on Friday. The chart below shows the one year performance of ANIX shares, versus its 200 day moving average:
Looking at the chart above, ANIX's low point in its 52 week range is $2.21 per share, with $5.13 as the 52 week high point — that compares with a last trade of $2.57.
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