Tech News Summary:
- Director William Young’s recent purchase of $202,000 worth of shares at $5.69 per share in NanoString Technologies boosted his stake to 313%, signaling a positive sign for the company and its investors.
- The largest internal purchase in the past year was made by CEO, President, and Director R. Gray for $499K worth of shares, showcasing that insiders saw the stock as a good value even at a higher price, which is a positive sign.
- While recent insider purchases provide optimism for the future prospects of NanoString Technologies, investors should also consider other factors, such as the company’s losses over the last year, and evaluate all risks before making any investment decisions.
Seattle-based biotechnology company, NanoString Technologies, saw a boost in its stock holdings after its independent director, Dr. Keith T. Flaherty, increased his holdings by 313%. Dr. Flaherty, who is a prominent physician-scientist specializing in cancer research and treatment, purchased more than $1.4 million worth of NanoString’s stock on the open market.
This move by Dr. Flaherty demonstrates his confidence in NanoString’s trajectory, as the company has been gaining significant momentum in recent months. NanoString Technologies is known for its nCounter system, which is a proprietary digital molecular barcoding technology that allows for the precise measurement of gene expression levels in a biological sample. The nCounter system has been widely adopted in academic research institutions and leading pharmaceutical companies for a variety of applications, including cancer research and diagnostics.
NanoString’s stock has been performing well in recent months, with shares up 50% year-to-date. The company also reported strong financial results in its most recent quarterly earnings report, with revenues increasing by 48% year-over-year. These results indicate that NanoString is well-positioned for growth in the coming years, especially as the demand for advanced genomic analysis tools continues to rise.
Dr. Flaherty’s increased investment in NanoString is a positive sign for the company and its shareholders. As a prominent figure in the oncology community, his endorsement of NanoString’s technology and business strategy is likely to attract the attention of other investors and potential partners. It is clear that Dr. Flaherty believes in the potential of NanoString Technologies, and his increased stake is a strong vote of confidence in the company’s future.