On Wednesday, I published a piece speculating that shares of Epirus Biopharmaceuticals Inc (NASDAQ:EPRS) had increased in value due to large insider purchases, mostly by the company’s CEO Amit Munshi.
After shooting up to as high as $3.85 a share in early trading on Thursday, Epirus Biopharmaceuticals Inc (NASDAQ:EPRS) took a nose dive as sellers took over. The stock closed at just $2.78 per share yesterday, but Mr. Munshi was at it again.
In a filing made yesterday but seen taking place on Wednesday (perhaps partially being the cause of the day’s price increase), Munshi purchased 8,270 additional shares at $2.80 each, bringing his total ownership in the company to 169,982 shares.
With Epirus Biopharmaceuticals Inc (NASDAQ:EPRS) shares skyrocketing yet again today, you’ve got to wonder if Munshi is at it again or if perhaps the stock is simply responding to his announcement of the buy.
The stock is up 25.61% or $0.71 following the news, hitting $3.49 per share. About 102,793 shares traded hands. EPRS has declined 50.45% since May 15, 2015 and is downtrending. It has underperformed the S&P500 by 48.18%.
EPIRUS Biopharmaceuticals, Inc. is a commercial-stage biopharmaceutical company. The company has a market cap of $105.41 million. The Firm is engaged in developing, manufacturing, and commercializing biosimilar therapeutics (biosimilars). It currently has negative earnings. The Firm has a pipeline of operationally synergistic monoclonal antibodies (MAbs) in inflammation and immunology.