This afternoon the Mayne Pharma Group Ltd (ASX: MYX) share price hit a new 52-week low of 65.5 cents, which is down from highs above $2.07 per share it sold for less than a year ago.
Still the pharmaceutical drug retailer's impersonation of a falling knife has not deterred one of its directors in Bruce Mathieson from spending nearly $5.5 million in shares via an "on-market" trade according to a release to the ASX.
On August 28 the director picked up 8,000,000 shares in the biotech that has lost 67% of its value in just one year. Driving the share price falls have been concerns that the company paid too much in acquiring a portfolio of drugs from Teva Pharmaceuticals for $652 million not long before the surprise election of U.S. President Trump.
Since then the combative Trump has gone on the record to claim that US drugs retailers are "getting away with murder" in terms of what they charge for drugs, and that the rates at which the U.S. government reimburses them would be up for review.
Still it seems company insiders think Mayne Pharma shares are cheap and it's not often that insiders are wrong as to the true value of a company.
