Stocks saw the week going down once again. Initially buoyed at the start of the week by better-than-expected inflation data, by Wednesday and Fed’s signal interest rates to move higher until it’s clear inflation is under control, the mood turns sour again , back to the downtrend offered most of the year.
So these are uncertain times. Volatility is the dominant force in the market and investors are looking for some signals that will tell which stocks are attractive to buy.
Fortunately, company insiders are giving a clear signal – even now, some are buying significantly, for $1 million or more, of their own stock, and it’s a signal that should capture the attention of any investor.
We used Hot stocks of insiders tool at TipRanks to find some stocks that have recently been multimillion-dollar insider purchases, and we looked up their details along with some recent analyst commentary. So let’s see what makes these names appealing to buyers right now.
Celuity Corporation (CELC)
First on our insider’s pick list is Celcuity, a clinical-stage biotech company working on new targeted therapies to treat various cancers. The company is focused on using insights into oncogenic pathways to create drug candidates with more precisely targeted cancer-suppressive activity.
The company has two main research directions, one based on the drug candidate gedatolisib and the other on the proprietary CELsignia platform. Gedatolisib is a potential breakthrough therapeutic agent, a first-class pan-PI3K and mTOR inhibitor, and it has shown efficacy in several clinical trials. CELsignia technology uses the patient’s own cancer tumor cells to identify the pathway to that specific disease and allows for precise treatment based on the individual patient.
In preparation, the most recent update comes from the Phase 1b study of gedatolisib as a treatment for late-stage breast cancer. Data published earlier this month showed that, regardless of their PIK3CA mutation status, the patients had a high response rate and median progression-free survival of 42.3 months for patients described as ‘treatment-nave’ in the enhanced setting.
Also earlier this month, Celcuity announced it had given its first patient a dose of the VIKTORIA-1 Phase 3 trial, a study of gedatolisib as a treatment for advanced HR+/HER2 breast cancer. Patient dosing was a key condition for unlocking $100 million private placement PIPE funding and making Celcuity eligible for a $20 million tranche of $75 million in debt.
Prior to that financial development, Celcuity had $57.5 million in cash and liquid assets, and total G&A and R&D expenses of $10.6 million at the end of Q3 2022.
above internal front, Celcuity’s biggest recent purchase was made by CEO Brian Sullivan, who spent nearly $1.5 million buying 260,869 shares of the stock. This ‘buy information’ brings his total stock holdings to over $30 million.
Analyst Craig-Hallum Alexander Nowak also has an upbeat view on Celcuity and emphasizes its improved cash position. He wrote, “The additional liquidity will provide the company with more runways to get Geda through significant approval and potentially FDA approval… With the company launching a major trial for what could be a drug with high potential in 2+ breast cancer patients with pathway potential in other cancers, plus the combination with CELsignia, we continue to like this combination and recommend owning shares through reading Geda + CELsignia data.”
This recommendation comes with a $20 price target, suggesting the stock will double in value over the next year. (To see Nowak’s achievements, click here)
This biotech received a Buy Strong from Street consensus rating, based on 3 recent positive analyst reviews. The average price target is at $22.5, implying a strong 125% increase from the current trading price of $10.01. (View CELC stock forecast on TipRanks)
Wolverine World Wide, Inc. (WWW)
Next up is Wolverine World Wide, a Michigan-based shoe company known for Wolverine shoes and boots — as well as the Hush Puppies, Saucony and Keds brands, among others. Wolverine is also a licensed Caterpillar and Harley-Davidson footwear manufacturer. The company’s products are already available worldwide, in more than 200 countries.
In its most recent quarterly release, for Q3 2022, the company posted revenue of $691.4 million, with particular strength in the company’s Merrell brand with sales of 198.6 millions of dollars. Adjusted diluted EPS came in at 48 cents. Revenue increased 8.5% year-on-year, while EPS figures fell 14%. Both results were below expectations and the stock fell sharply, 34%, upon release.
The company attributes the top and bottom flaws to a number of obstacles, including a general deterioration in macroeconomic conditions, rising retail promotion costs, and continued disruptions in the supply chain. .
Still, with the shares down 64% year-to-date, an insider must think they now offer excellent value.
The insider trade news on WWW comes from corporate board member Jeffrey Boromisa, who this week bought 100,000 shares for nearly $1.05 million. This is a significant purchase for the Director, as it brings his total stake in the company to $1.68 million.
This stock caught the eye of analyst Piper Sandler Abbie Zvejnieks, who sees reason to be optimistic here, says of Wolverine, “Not only is the new WWW brand structure encompassing more meaningful activity, work and lifestyle, but we also see an opportunity to synergize. in brand groups in addition to a clearer reporting structure. We believe WWW is currently investing conservatively in growth (active) brands while maintaining stable (working) FCF generating brands, and we see an opportunity to divest or change initiatives in the lifestyle category.”
Consistent with these comments, Zvejnieks rates the stock as Overweight (Buy), with a price target of $23 to indicate confidence in a strong 125% upside next year. (To see the achievements of Zvejnieks, click here)
Of the 7 recent analyst reviews here, 2 are Buy and 5 Hold, with a moderate Buy consensus rating. The stock has a current trading price of $10.23 and an average price target of $15.17, implying that it could rally as much as 48% by the end of next year. (View Wolverine stock forecast on TipRanks)
SoFi technology (SOFI)
We will end this list with SoFi Technologies, a personal finance company based in San Francisco. The company’s moniker stands for ‘Social Finance’, which describes SoFi’s approach to banking. The company operates online, serving 4.7 million customers with a full range of banking services, including home and personal loans, credit cards, investment banking, refinancing existing student and car loans, credit scoring, and budgeting.
In its recent Q3 report, SoFi reported peak net sales of $424 million, up 56% from Q3 of 21 and a company record. This was driven by strong gains in the company’s three business segments, lending, technology platforms, and financial services, as well as a 61% year-over-year increase in total membership.
At the same time, SoFi posted a net loss of $74.2 million, or 9 cents per share. The net loss on EPS is almost double the 5 cent loss recorded in the same period last year.
Looking forward, the company raised its full-year revenue guidance for the third consecutive quarter. The increase was modest, from a range of $1.508 billion to $1.513 billion to a new range of $1.517 billion to $1.522 billion — but investors should note that the company still sees things differently. Adjusted upward to full-year revenue despite negative effects from student loan renewal moratorium payments.
The internal affection on SOFI has turned positive, in large part because CEO Anthony Noto recently purchased 1,134,065 shares worth $5,005 million. The purchase is by far the largest of many that Noto has made in recent months and pushes his stake in the company to more than $23.8 million.
Noto is hardly the only bull here. Piper Sandler 5 Star Analyst Kevin Barker took an upbeat stance on the financial company’s prospects, writing after the Q3 print, “We are particularly encouraged to see that deposit growth will improve the company’s funding profile and reduce volatility. depend on sales margins to drive sales. This funding windfall coupled with an increase in student loan revenue will continue to maintain momentum into 2023… We expect SOFI to outperform its peers as it continues to grow. EBITDA and make progress towards GAAP profitability by Q4 2023.”
Looking ahead to the stock, Barker offers an Overweight (Buy) rating on SOFI stock, along with a price target of $7.50, implying a potential gain of 62% over the next 12 months. . (To see Barker’s achievements, click here)
SoFi Technologies has 11 recent analyst reviews on file, with an analyst rating of 7 to 4 leaning towards Buy over Hold for a moderate Buy consensus rating. The stock is priced at $4.64 and has an average price target of $7.18, suggesting a 55% upside potential in one year. (View SoFi stock forecast on TipRanks)
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deny the responsibility: The opinions expressed in this article are those of prominent analysts only. Content is used for informational purposes only. It is very important that you do your own analysis before making any investment.
