YS Biopharma (NASDAQ:YS) stock is rising higher on Friday after the biopharmaceutical company announced officers purchasing shares.
According to a press release, the company’s founder and chairperson, Yi Zhang, as well as its director, President and CEO Hui Shao, are behind the share purchase. That saw them acquire a total of 475,488 shares of YS stock.
Breaking down that share purchase, 429,188 shares of YS stock were bought by the company leaders at an average price of $1.40 per share. The remaining 46,300 shares were purchased at an average price of $1.46 per share.
Shao said the following about the YS stock purchase:
“I have always believed in the unparalleled potential of YS Biopharma. At present, I believe the Company’s current stock price does not accurately reflect the significant intrinsic value of the Company. This investment is not just a financial decision, but a testament to my faith in our team, our innovative products, and the future trajectory we envision.”
YS Stock Movement Today
Investors are reacting positively to the stock purchase news. As a result, the company’s shares are seeing heavy trading as more shares are bought. That has more than 2.9 million shares changing hands as of this writing. For the record, the company’s daily average trading volume is about 657,000 shares.
YS stock is up 70.9% as of Friday morning.
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