Immunome Inc. (IMNM) shares soared 6.04% in after-hours trading on Tuesday, following a significant insider purchase disclosed in a regulatory filing. The biotechnology company's stock price movement comes on the heels of its Chief Technology Officer's decision to acquire a substantial amount of company shares.
According to the filing, Immunome's CTO Philip Tsai bought 12,300 shares of common stock on March 24th, representing a total transaction value of approximately $103,600. This insider buying activity often signals confidence in a company's future prospects and can be viewed positively by investors.
Insider purchases, especially those made by high-ranking executives like the CTO, are closely watched by market participants as they may indicate that those with intimate knowledge of the company believe the stock is undervalued or that positive developments are on the horizon. The after-hours stock price surge suggests that investors are reacting favorably to this show of confidence from Immunome's technology leader.
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