The Polynovo share price has popped 32% in a month. What’s going on?

Two happy scientists analysing test results.Two happy scientists analysing test results.

The Polynovo Ltd (ASX: PNV) share price is surging 7% higher in afternoon trade on Friday.

At the time of writing, the share is swapping hands at $1.69 apiece, after cruising more than 32% into the green over the past month of trade.

What’s up with the Polynovo share price?

It’s been a quite period for the company and investors have bid the share up on no market-sensitive news.

In fact, Polynovo was the target of short sellers en masse only two weeks ago.

Therefore the Polynovo share price has crushed the shorts since then and continued to rally above 6-month highs.

Earlier this month the company’s chair, David Williams, bought 250,000 of shares. This brought a total investment of $5 million in Polynovo shares since May 2022.

As TMF reported at the time, “[i]nsider buying can be a sign that management is optimistic about the future direction of a company.”

Moreover, healthcare shares have caught a strong bid lately. The S&P/ASX 200 Health Care Index (ASX: XHJ) has jumped more than 12% in the past month.

This strength looks to have transposed well onto the Polynovo share price, as seen on the chart below. As shown, the share tracks the healthcare benchmark in close fashion.

TradingView Chart

In the past 12 months the Polynovo share price has clipped a 24.5% loss, but has now gained around 11% this YTD.

The post The Polynovo share price has popped 32% in a month. What’s going on? appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now

See The 5 Stocks
*Returns as of July 7 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended POLYNOVO FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/GrbnEpW

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s