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.
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.
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More reading
- These are the 10 most shorted ASX shares
- Why are short sellers targeting PolyNovo shares?
- These are the 10 most shorted ASX shares
- Up 13% in a month, Polynovo share price bounces back after being dumped from ASX 200
- These are the 10 most shorted ASX shares
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.
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