Investors of Aralez Pharmaceuticals Inc (NASDAQ:ARLZ) are a happy lot. The happiness results from the acquisition of an additional 500,000 shares of the Company’s common stock by the company’s Chief Executive Officer, Adrian Adams. The shares, which had a total value of $1,230,000.00, were bought at an average cost of $2.46 per share.
After purchasing 1,500,000, in open-market purchases, Adams who owns 3,569,230 shares of the Company’s common stock was offered the remainder. However, the offer was under the Company’s equity incentive plan. Details of the transaction were revealed a document filed with the Securities & Exchange Commission.
What is there to envy about Aralez?
There could be a lot of be envious of, given that large investors the likes of Norges Bank are acquiring stakes in Aralez Pharmaceuticals. Others include Armistice Capital LLC and Glacier Peak Capital LLC, which have raised their stake in Aralez Pharmaceuticals. Apparently, other Board of Directors and executive management team have also acquired close to 90,000 shares of the Company’s common stock.
On the other hand, the company’s shares seem to be doing good having traded up 7.11% during midday trading to reach $2.41. Citing his pride in the company, Adams says, “The purchase of these shares is a reflection of my confidence in the long-term value of Aralez and also represents my continued belief in the Company’s evolving business model, products and growth prospects.”
Aralez is committed to addressing various concerns
Adams says he has been receiving concerns from shareholders in the recent past, which he is determined to address. He also wants to relate to the fact that Aralez is a global specialty pharmaceutical company that strives to deliver meaningful products that will improve patients’ lives.
Some of the areas that the CEO will lay emphasizes on include the development of a plan that will improve the company’s cost structure. He will also work on maximization and preservations of cash as well as the evaluation of M&A or other opportunities that are creating value. Meanwhile, Aralez stock was trading at $2.36 witnessing an increase of $0.11 or 4.89%.
