Ariad Pharmaceuticals CEO Fulfills Agreement to Purchase $500,000 Worth of Stock
According to a fresh Form 4 filing, Ariad Pharmaceuticals Inc. (NASDAQ:ARIA)’s President and Chief Executive Officer, Paris Panayiotopoulos, purchased 26,990 shares on Thursday at a price of $7.41 per share. Following the recent purchase, the CEO currently owns 88,089 shares. However, the purchase was conducted in relation to the terms of his employment agreement, under which Mr. Panayiotopoulos had to purchase $500,000 worth of stock within the first year of his employment, so this particular insider buying activity shouldn’t necessarily represent a bullish outlook.
The shares of the oncology company that seeks to transform the lives of cancer patients with breakthrough medicines have gained 22% since the beginning of 2016. Earlier this month, Ariad Pharmaceuticals Inc. (NASDAQ:ARIA) sealed an agreement with Incyte Corporation (NASDAQ:INCY) to divest its European operations and license the European rights to cancer medicine Iclusig for an upfront payment of $140 million. Ariad will also receive tiered royalties of 32%-to-50% of net sales of Iclusig in Europe, as well as up to $135 million in potential development and regulatory milestones for Iclusig in new indications. Mitchell Blutt’s Consonance Capital Management added a 5.58 million-share stake in Ariad Pharmaceuticals Inc. (NASDAQ:ARIA) to its portfolio during the March quarter.
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Matrix Service Had Two Board Members Buy Shares This Past Week
Jim W. Mogg, a member of Matrix Service Co (NASDAQ:MTRX)’s Board of Directors, purchased 10,000 shares on Thursday at prices that ranged from $14.98 to $15.35 per share, lifting his ownership to 21,990 shares. Moreover, Director James H. Miller acquired 325 units of common stock on Thursday for $15.10 each, which increased his stake to 10,930 units.
Matrix Service Co (NASDAQ:MTRX) offers engineering, fabrication, construction, and repair and maintenance services to several markets including the oil and gas markets. Matrix Service shares have plummeted by 20% since the start of the year, partly owing to disappointing financial results for the third quarter of fiscal year 2016 ended March 31. As a result, the company’s management reduced its full fiscal year 2016 revenue guidance to $1.275 billion-to-$1.325 billion from a prior total of $1.3 billion-to-$1.4 billion, citing weak commodity prices. Nonetheless, one should note that the company has a really strong balance sheet, with cash on hand amounting to $73.4 million as of March 31 and availability under its credit facility reaching $166.5 million. Matrix Service’s borrowings under its senior credit facility were a mere $3.85 million on March 31. Small-cap specialist Royce & Associates, founded by Chuck Royce, owned 2.76 million shares of Matrix Service Co (NASDAQ:MTRX) at the end of March.
