The PolyNovo Ltd (ASX: PNV) share price is coming under pressure today as the S&P/ASX 300 Index (ASX: XKO) faces another sea of red.
At the time of writing, the PolyNovo share price has slid 5.7% to last change hands at $1.65 apiece.
Meanwhile, the ASX 300 index has slipped by 1.6% to 6,640 points.
But one PolyNovo director is seeing this weakness as an opportunity to pick up more shares. Let's take a look.
PolyNovo chair pounces
Through an ASX release, we learned that PolyNovo chair David Williams has been on a share-buying spree today.
He's indirectly purchased 115,000 PolyNovo shares on-market at an average price of $1.7231, splashing nearly $200,000 in the process.
Today's purchase takes Williams' total shareholding to 24.7 million PolyNovo shares, which are worth around $41 million at current prices. He owns roughly 3.7% of the company.
This isn't the first time Williams has picked up PolyNovo shares this year. He went on a major buying spree in May and June, indirectly acquiring roughly 5.7 million PolyNovo shares on-market. He did so across 18 transactions, scooping up PolyNovo shares at average prices ranging from $0.87 to $1.27.
These moves have since proven to be savvy, with the PolyNovo share price sitting comfortably above these levels today.
Williams is a long-serving member of PolyNovo's board, having first been appointed in 2014. He is also chair of fellow ASX healthcare share Medical Developments International Ltd (ASX: MVP), in which he owns 10.7 million shares.
Recent trading update
Today's director buying is hot on the heels of a first-quarter trading update from PolyNovo last week.
The company achieved its first-ever $5 million sales month, raking in $5.4 million in September. Across the first quarter, the company achieved record September quarter sales of $12.5 million, up 73% from $7.2 million in the prior corresponding period (pcp).
PolyNovo noted that growth accelerated in the US, delivering record quarterly sales of $10.4 million, up 71% from the pcp. Meanwhile, rest of world sales grew by 84% to $2.1 million.
PolyNovo share price snapshot
Despite today's slump, PolyNovo is one of the rare ASX 300 shares sitting in the green this year.
The PolyNovo share price has gained 8% in the year to date. But zooming in to the last six months, PolyNovo shares have shot the lights out with a 57% gain.
The last month also tells a positive tale, with the PolyNovo share price racing 17% higher.
PolyNovo shares fell out of the S&P/ASX 200 Index (ASX: XJO) in the June rebalance earlier this year. The ASX 300 healthcare company currently commands a market capitalisation of around $1.1 billion.
