An Insider Just Bought $75 Million Worth of this Biotech Stock
Here are some of the most active stocks seeing insider buying, volume spikes, hidden institutional trading or Congressional buy activity.
Hidden Institutional Trading: Apple (SYM:AAPL)
Apple (SYM:AAPL) is seeing a good deal of institutional interest.
On Wednesday morning, institutions bought $580,000 worth of Apple October 18, 2024 220 calls, and about $1.24 million worth of those same calls as well. That makes Apple even more attractive after the stock’s recent pullback from about $225 to $214. Apple is also just starting to pivot higher, last trading at $219.74. From here, we’d like to see it retest $230 near term.
Better, it appears most of the negativity over sluggish iPhone 16 demand may be priced in.
Insider Buying: Summit Therapeutics (SYM:SMMT)
Co-CEO and Executive Chairman Robert Duggan just bought $75 million worth of SMMT at an average price of $22.70 a share.
Summit Therapeutics Inc. is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs.
Most recently, the company just said that its investigational bispecific antibody, ivonescimab, reduced the risk of disease progression or death by 49%, as compared to Merck’s cancer therapy Keytruda (pembrolizumab) in the first-line treatment of lung cancer patients.
Volume Spike: Vivos Therapeutics (SYM:VVOS)
Vivos Therapeutics (SYM:VVOS) volume just spiked to 23.8 million, as compared to its daily average volume of 63,743. All on news the US FDA jut granted 510(k) clearance for the company’s flagship oral medical device, which is used to treat moderate to severe obstructive sleep apnea (OSA) and snoring in children.
As noted in the company’s press release, “Vivos believes this breakthrough regulatory clearance represents a huge opportunity to capture significant market share. Further, Vivos believes it can immediately leverage this FDA clearance by quickly integrating pediatric care into its new provider-based marketing and distribution model and scale revenue relatively quickly with minimal investment.”
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Written by Ian Cooper