There’s got to be something here… when many top people start buying up a company after it drops 38% or so. They must know something that we don’t.. and that must be that the company has solid financials and will definitely rebound. It’s not often something like this is brought to my attention, but it certainly makes you think… what if? Sometimes I’d like to take a huge financial risk.. but at the same time.. what if something else happens and you don’t have the liquidity that you need. It’s curtains! Then again without any risk, there are no large returns. It’s such a delicate balance that I don’t particularly want to be in the middle of often.
AutoZone Inc. founder Joseph “Pitt” Hyde has purchased 105,264 shares of GTx Inc. for $1.1 million, according to a filing with the Securities and Exchange Commission.
Hyde now owns about 18.2 million shares of the company, according to the SEC document. Hyde was among many that have purchased GTx (Nasdaq: GTXI) stock in the days following bad news of the company’s drug Fareston. The European Medicines Agency claimed last week the drug should not be prescribed to patients with certain heart conditions. This news sent the company’s stock tumbling 38.4 percent late last week. The company has also recommended changes to the drug’s label in the U.S.