Enzon has been a bargain for a long time.Thats why the company initiated a buy back program last December when the stock was above $12 a share. They intend to buy back
$200,000,000 worth of stock.
Carl Icahn owns 7,000,000 shares which he bought recently above these prices.
Baupost Group,Seth Karman owns 9,000,000 shares also at higher levels.
The only reason this stock is selling this cheap is the MM's took it down to see if they could find some dumb sellers.
Insiders SELL for various reasons.
BUT they BUY for only one reason. The know the value of the company and the stock is too cheap.
There were at least 5 insiders that bought over the last year at prices significantly higher than the market is now.
This stock is undervalued and the insiders know it.
MM's took this down and are inching up looking for sellers.
Look at charts!! On balance volume continues to move higher!!
This will be at a new high pretty soon!!
When I made that statement ENZN had been gradually moving up from 10.02 area.
Then some heavy buying brought it up to 10.79
After which it stalled and now has fallen back to support. OBV is showing positive movement and I suspect will see upward movement back in stock price shortly.
I see where insiders have sold in the $11 -$12 range but the amount of shares is peanuts compared with Icahn's buys of over 6 million shares averaging $11.4. The stock is now 10.35 and falling .
Could be the company itself. They have said they want to buy back $200,000,000 of the company stock. The cheaper the better.