Despite most ASX companies being in the red today, the Polynovo Ltd (ASX: PNV) share price is rising.
During late afternoon trade, the medical device company’s shares are changing hands for $1.21, up 4.76%.
Polynovo defies ASX market sell-off
Polynovo investors are shrugging off the wider market slump today.
The company hasn’t made any price-sensitive announcements since its third quarter trading update in early April.
However, insider buying action among senior Polynovo managers has likely propped up the share price and overall sentiment.
In particular, Polynovo chairperson David Williams made a series of purchases from the start of May totalling more than $5 million.
Not only did Williams take advantage of the share price weakness but he’s been averaging down his cost position.
In total, Williams now has more than 24.59 million Polynovo shares spread across a series of portfolios.
The number of buy-ins conducted tells us that Williams believes the company’s shares are trading at an attractive price. This seems to have resonated with investors, which could be why Polynovo is defying the ASX sell-off today.
It is worth nothing that at the start of May, Polynovo shares hit a 52-week low of 83.5 cents.
Polynovo share price summary
Since this time last year, the Polynovo share price has fallen by 56%.
Year-to-date it has fared better, but you’d still be looking at a loss of 25% if you invested at the start of 2022.
Based on today’s share price, Polynovo presides a market capitalisation of approximately $764.25 million.