Aralez Pharmaceuticals Inc (NASDAQ: ARLZ)
Aralez Pharmaceuticals is having an incredible time in pre-market trading today, and for good reason. Ever since the CEO of the company released an announcement of a large share purchase, the stock has been headed upward. Below, we'll talk about what we're seeing from ARLZ, the CEO share purchase, and what we'll be watching for ahead.
What We're Seeing From ARLZ
As mentioend above, Aralez Pharmaceuticals is having a great time in the pre-market trading hours today. After the CEO of the company released an announcement that he purchased a large amount of shares in the company, the stock has been edging upward. At the moment (8:59), ARLZ is trading at $2.61 per share after a gain of $0.36 per share or 16.00% thus far today.
Why The Stock Is Headed Upward
Before we get too deep into the details, we'd like to extend a big thank you to Trade Ideas for being the first to alert us of the movement on ARLZ. As soon as we received the alert, the CNA Finance team started digging to see why the stock was making a run for the top. It didn't take long to dig up the story. The gains are ultimately the result of a large share purchase made by the CEO of the company.
In a press release that came out early this morning it was announced that the CEO of the company, Adrian Adams has purchased 500,000 shares of the company's common stock on the open market. The purchase price came to an average of $2.46 per share, bringing the total purchase price to about $1.23 million. In a statement, Mr. Adams had the following to offer...
“The purchase of these shares is a reflection of my confidence in the long-term value of Aralez and also represents my continued belief in the Company's evolving business model, products and growth prospects... Over the past week, I have listened closely to the concerns voiced by a number of our significant shareholders. Aralez is committed to swiftly addressing these concerns, including the development of a plan to improve our cost structure and balance sheet, maximizing and preserving our cash, and opportunistically evaluating M&A or other opportunities that provide accretion and an enhanced platform for creating value. We have an unwavering commitment to our shareholders and remain focused on building long-term value and intend to communicate our planned next steps and actions within the next few weeks.”
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on ARLZ. In particular, we're interested in learning more about the company's planned next steps and following the evolution of the process. Nonetheless, we'll continue to follow the story closely and bring you the news as it breaks!
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