An investor agreed to buy 1.59 million shares, or 10% of its basic common shares
The shares of Briacell Therapeutics Corp (NASDAQ:BTCX) are up 6.8% at $8.53 this morning, following the company's announcement that an insider intends to acquire up to 1.59 million shares, which represents 10% of its public market securities. This purchase will commence on Jan. 31, 2022.
BCTX is coming off an annual high of $12.47, hit on Dec. 1, but has since broken below long-time support at its 50-day moving average to touch a two month low of $7.06 earlier this week. The 120-day moving average provided support for this pullback, however, and today the stock is looking to rebound back towards that trendline. For the year, BCTX is up over 92%.
This recent price action has put BCTX just on the cusp of being "oversold," too. This is per the equity's 14-day relative strength index (RSI) of 29, which indicates a short-term bounce could be in the cards.
Short sellers have been piling on amid the pullback, with short interest rising 13.8% in the last reporting period. Should some of these bears change their tune, it could put wind at the stock's back, as the 1.88 million shares sold short make up a solid 15.9% of the stock's available float.