San Francisco-based clinical-stage biopharmaceutical company NGM Biopharmaceuticals, Inc. (NASDAQ: NGM) is seeing a lot of insider trading activity. The most recent was the purchase of around $13.3 million worth of shares by two of the company’s directors.
The directors, David Goeddel and Column Group, own more than a 10% stake each in the company.
On June 9, Column Group acquired 984,161 shares of NGM for $13.50 per share. The director now owns 2.65 million shares of the company.
Meanwhile, Goeddel bought 951,684 NGM shares for $13.28 million. After the purchase, his stake in the company stands at 2.65 million shares.
TipRanks’ Insider Trading Tool shows all the recent buy and sell transactions made by the company’s insiders. In the last 15 days, insiders have acquired $32.55 million worth of NGM shares. Details of the transactions are as follows:
According to TipRanks, Insider Confidence Signal is currently Positive for NGM, as the corporate insiders on TipRanks have bought $48.5 million worth of the company’s shares in the last three months.
About NGM Biopharmaceuticals
NGM develops therapeutics for cardio-metabolic and liver diseases. It is currently working on products to treat age-related macular degeneration, oncological diseases, obesity, type 2 diabetes and non-alcoholic steatohepatitis, among others.
Stock Rating
Based on two Buys, the stock has a Moderate Buy consensus rating. NGM’s average price target of $32 implies 159.5% upside potential from current levels. Shares have lost 36.6% over the past year.
Conclusion
The recent transactions by the company’s top insiders reflect their confidence in NGM stock and its fundamentals. Shares of the company slipped 4.4% on Monday but rose 13.6% in the extended trading session to end the day at $14.01.
