Longeveron stock rallies on insider buying and Alzheimer’s presentation
Longeveron (NASDAQ: LGVN) shares are trading higher after several executives bought shares of the stock and after the company announced it will present its CLEAR MIND Phase 2a study results at the 2024 Alzheimer’s Association International Conference (AAIC) on Sunday, July 28, 2024.
The insider buying is as follows:
- Chief Scientific Officer Joshua Hare bought an average of $369,361.28 worth of shares.
- Director Rock Soffer bought an average of $342,979.04 worth of shares.
- CEO Mohamed Wa’el Ahmed Hashad bought an average of $26,382.24 worth of shares.
Insider buying is good for the stock because it’s a sign of internal confidence in the company and its future. Investors feel more inclined to buy a stock when they see insiders buying.
Additionally, the company today announced that it has been accepted for a Featured Research Oral Presentation to present its CLEAR MIND Phase 2a study results. CLEAR-MIND is a Phase 2a randomized clinical trial evaluating Lomecel-BTM in mild Alzheimer’s Disease.
“We are extremely excited to share the full study results of our CLEAR-MIND trial at the AAIC meeting this year, and have the opportunity to present at the leading forum for Alzheimer’s disease clinical investigation,” said Wa’el Hashad, CEO of Longeveron.
Longeveron shares were trading 59.2% higher at $2.69 per share at the time of publication. The stock popped around 5 a.m. today on the insider buys from Friday after hours and the presentation announcement helped the stock keep momentum today.