BCTX stock is up 6% on December 16, 2021, after the company announced insiders would be buying the stock.
BriaCell Announces Insiders’ Intention to Purchase up to 10% of Public Market Securities
On December 16, 2021, BriaCell Therapeutics Corp. (Nasdaq: BCTX, BCTXW) (TSX-V:BCT), a clinical-stage biotechnology company specializing in targeted immunotherapies for advanced breast cancer and other cancers, announces that certain members of its Board of Directors and Management team (the “Insiders”) have informed the Company of their intention, on an individual basis and not in concert, to use their personal funds to purchase approximately 10% of the Company’s basic common shares outstanding.
The Insiders may purchase approximately 1.59 million common shares and/or publicly-listed common share purchase warrants (the “Securities”) on the open market, representing approximately 10% of basic common shares outstanding within the six-month period commencing January 31, 2022. Any Insider purchase will be conducted in compliance with the Company’s insider trading policy and Insiders will meet the SEC and TSX Venture reporting obligations.
Insiders’ proposed purchases may be conducted through open-market transactions at prevailing market prices and/or through other legally permissible means, subject to the market conditions and in compliance with applicable securities laws, rules and regulations. The timing and dollar amount of Insiders’ purchases may vary individually. BriaCell’s Board of Directors will be reviewing the program periodically and may suspend or discontinue the program.
BriaCell Corporate Buyback Program Will Continue
Purchases of Securities by Insiders may coincide with BriaCell’s ongoing normal course issuer bid (the “Buyback”), being executed through the Company’s independent advisor and dealer manager Independent Trading Group (ITG) Inc. BriaCell has internal governance procedures in place to execute the Company’s Buyback repurchases independently from any Insiders’ purchase of Securities.
Pursuant to the Buyback program announced Sept. 9, 2021, BriaCell has repurchased an aggregate of 501,703 common shares (the “Common Shares”) and 143,236 publicly traded BCTXW warrants (the “Listed Warrants”). As announced, BriaCell may purchase through the facilities of the TSX-V, Nasdaq or alternative exchanges (i) up to 1,341,515 Common Shares and (ii) up to 411,962 publicly traded BCTXW Listed Warrants in aggregate, comprising 10% of the “public float” as of September 8, 2021, over a 12 month period.
BriaCell’s cash balance as of October 31, 2021 was $55.5 million with no debt outstanding. The Buyback program will in no way interfere with BriaCell’s ambitious growth plans to expand into previously-announced areas of cancer immunotherapy and/or advance its current breast cancer clinical trials. BriaCell believes the optimal use of its excess capital remains to repurchase its own securities to further enhance value for shareholders.
Separately, since November 1, 2021, BriaCell has received approximately $5.1 million in proceeds from investors via exercise of 833,065 common share purchase warrants (“Warrants”) at an average weighted exercise price of $6.16 per common share. The Company expects to use the net proceeds of the Warrant exercises to further advance its clinical and research and development pipeline and for general corporate purposes.
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BriaCell Stock Technical Analysis
The positive divergence between large players volume and price is bullish. The MACDThe MACD indicator is essentially a momentum indicator that shows the relationship between two different moving averages of price. The MACD is the difference between the 12-period ... is rounding up. The short-term trend is negative, the long-term trend is neutral. BCTX is currently trading in the middle of its 52-week range. The S&P500 Index however is currently trading near new highs, so BCTX is lagging the market. BCTX is part of the Biotechnology industry. There are 625 other stocks in this industry, of which 100% are performing better than BCTX. There is a support zone ranging from 7.89 to 8.00. This zone is formed by a combination of multiple trend lines in multiple time frames. The technical rating of BCTX is bad and it also does not present a quality setup at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on when BCTX stock is a good long entry.
