Insider Buying

Insider Buying Report: Pharma Mar SA (PHM:SM)

Pharma Mar SA
PHM:SM
12 months:
+350%
Activity:
Bullish
Pattern:
Large purchases from multiple insiders
News:
Drug approved by the FDA
Pharma Mar SA
PHM:SM
12 months:
+350%
Activity:
Bullish
Pattern:
Large purchases from multiple insiders
News:
Drug approved by the FDA

Pharma Mar is a Spanish biopharmaceutical company that is focused on oncology. The company has several key products including Yondelis, which is a synthetically-modified antitumor agent, and also has a number of products in the pipeline. It is listed on the Madrid Stock Exchange and currently has a market capitalisation of €1.8 billion.

Pharma Mar shares have surged recently after the US Food and Drug Administration (FDA) approved its cancer drug, Lurbinectedin, on 16 June. The drug – which is designed to treat adult patients with metastatic small cell lung cancer and will be marketed under the brand name Zepzelca – was approved under ‘accelerated approval’, and is expected to be made commercially available in the US in early July. Pharma Mar will receive royalties based on Lurbinectedin's net sales of up to 30% and will also receive a payment of $100 million once full approval is achieved.

PHM- SM-chart    Source: 2iQ Research

What stands out to us about Pharma Mar is that two board members have made substantial purchases since the announcement that Lurbinectedin has been approved by the FDA. On 18 June, Independent Director Valentin de Torres-Solanot del Pino spent €304,000 on PHM stock, and then on 23 June, Director Montserrat Andrade Detrell spent €573,000 on stock. Combined, these purchases represented the largest amount of insider buying at Pharma Mar in several years. We see this pattern of insider buying as a bullish signal.

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