The Polynovo Ltd (ASX: PNV) share price is taking off on Tuesday despite the broader market's downturn.
At the time of writing, the Polynovo share price is $1.09, 17.2% higher than its previous close. Additionally, the medical device company's chair has snapped up another parcel of Polynovo shares.
For context, the All Ordinaries Index (ASX: XAO) and the S&P/ASX 200 Index (ASX: XJO) are both down around 1.3% right now. That marks a slight recovery after the indexes both hit a three-month low this morning.
Let's take a closer look at what might be going on with the Polynovo share price today.
What's going on with Polynovo today?
The Polynovo share price is surging 17% today amid more news of insider buying.
An entity owned by the company's chair David Williams splashed out yesterday, snapping up $227,500 worth of Polynovo stock on the market.
The purchase saw the entity taking home 250,000 shares at a cost of 91 cents apiece. Thus, they're already bringing a 19.8% return on investment.
That – and the 1.5 million shares Williams purchased last week – has brought his holding in the company to 20.65 million shares.
Additionally, another two of the company's directors reported buying into its stock last week, each snapping up parcels of 100,000 shares.
That might suggest insiders believe the Polynovo share price recently bottomed out.
Today's gains see the medical device company's stock surpassing $1 for the first time in nearly two months. That's a win for investors, but it might be disappointing news for those shorting the stock.
The most recent data available shows 10% of Polynovo shares are in the hands of short-sellers, making it the fifth most shorted stock on the ASX, according to The Motley Fool Australia's latest weekly short-selling breakdown.
