When a director buys up stock of their own ASX 300 share, investors like to know about it. Director, CEO, insider, and management buys encourage investors to have confidence in a company. It shows that they are aligning their financial interests with shareholders, and putting real skin in the game — especially if the markets have beaten down that ASX 300 share.
This is the situation we are currently looking at with ASX healthcare share Mayne Pharma Group Ltd (ASX: MYX).
Mayne Pharma has not been having a great time on the ASX lately. To be fair, this company is up almost 4% to $3.77 a share so far this Thursday. But the company still remains down a painful 10.2% in 2023 so far.
Mayne shares are also nursing a 28% loss over the past 12 months, and are down an even more depressing 85.5% from the all-time high of over $26 a share that we saw back in 2018.
But these losses don't seem to be bothering management too much. In fact, over the past week, not one, but two Mayne directors have been buying up their own company's shares.
ASX 300 directors buy up stock of Mayne Pharma
Yesterday, we discussed the buys of none other than Mayne pharma chair Frank Condella Jr.
Condella has gone on a buying spree over the past week or two. Prior to 24 March, he owned 37,777 shares of Mayne, but thanks to some heavy buying, he has now boosted that number by more than 55% up to 58,775 shares.
But today, we've got the news that another of Mayne's directors has joined the buying party. According to an ASX notice this morning, Condella's fellow director Kathryn MacFarlane has just acquired 20,000 shares of Mayne Pharma. MacFarlane made the buy on 29 March (yesterday) and spent $76,157 on those 20,000 shares, implying a buy price of roughly $3.81 per share.
MacFarlane actually didn't own any Mayne shares prior to this date, so this is her first investment in the company.
But even so, this buy, together with Condella's, is probably just what investors in this ASX 300 healthcare share need to hear right now.
