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.
