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Investing.com -- Rafael Holdings Inc Class B (NYSE:RFL) stock surged 34.1% after CEO Howard S. Jonas acquired 13,080,457 shares of the company’s stock in a transaction on Thursday.
The shares were purchased at an average cost of $1.28 per share, representing a total investment of approximately $16.7 million. This significant acquisition has increased Jonas’s ownership stake in the pharmaceutical development company.
This marks the first insider purchase at Rafael Holdings in over two years, potentially signaling management’s confidence in the company’s prospects. Insider buying is often viewed by market participants as a positive indicator, as it suggests leadership believes the stock may be undervalued or has growth potential.
The substantial size of the transaction, over 13 million shares, appears to have triggered strong positive sentiment among investors, contributing to today’s sharp price movement.
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