In a sea of red across the ASX today, the Polynovo Ltd (ASX: PNV) share price is hovering in positive territory.
During the first hour of trade, the medical device company’s shares soared to an intraday high of $1.34.
However, they have retraced a touch to $1.285, a 4.05% gain on yesterday’s closing price.
In comparison, the All Ordinaries Index (ASX: XAO) is 1.44% in the red in what has become another volatile day.
Polynovo chair seizes buying opportunity
Taking advantage of the recent Polynovo share price weakness, the company’s chair David Williams has picked up more shares.
According to a company release, Williams has bought 346,193 shares at an average price of $1.2431 apiece. This was conducted via an on-market trade by Williams’ subsidiary, Lawn Views Pty Ltd.
The transaction equated to a value of more than $430,300.
Following the latest purchase, Williams now has more than 22.25 million fully paid ordinary Polynovo shares across all holdings.
The latest buy-in could reflect that Williams believes Polynovo shares are trading at bargain levels.
It is worth noting that at the beginning of May, Polynovo shares touched a 52-week low of 83.5 cents. Since then, a number of directors, particularly Williams, have made a series of purchases.
Polynovo share price summary
Despite this month’s 15% gain, Polynovo shares have fallen by almost 50% in the past 12 months.
Although, when looking at the year to date, its shares are down around 18%.
Based on today’s price, Polynovo presides a market capitalisation of roughly $856.89 million.