The Polynovo Ltd (ASX: PNV) share price rocketed as high as 8.65% during market open but has since fallen wayside.
At the time of writing, the medical device company's shares are swapping hands at $1.32, up 1.54%.
This follows the All Ordinaries Index's (ASX: XAO) lead which rose to an intraday high within the first hour of trade.
However, since then, the broader ASX index has given back its gains to fetch at 7, 328 points, up 0.28%.
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Director tops up on Polynovo shares
An insider has again recently taken advantage of the Polynovo share price weakness to top up their holdings.
In its most recent statement, Polynovo revealed that its chair, David Williams picked up more shares.
In total, 181,532 Polynovo shares were bought through his subsidiary, Lawn Views Pty Ltd via an on-market trade.
The indirect acquisition occurred on 13 May, and the average price paid per Polynovo share was $1.2746.
This means that Mr Williams now has around 21.50 million fully paid ordinary Polynovo shares across all his holdings.
The above transaction equated to the value of more than $231,000.
It is worth nothing that in the beginning of May, Polynovo shares touched a 52-week low of 83.5 cents. Since then, a number of directors, particularly Mr Williams have made a series of purchases.
Polynovo share price snapshot
It appears that the latest purchases could be spooking short sellers to close on their positions. ASIC is due to release its short position report mid-week, which will indicate where Polynovo shares are at.
On 9 May, the company had a reported short interest of 10.54%. This puts Polynovo as one of the most shorted shares on the ASX.
Despite this month's gains, Polynovo shares have fallen by around 50% over the past 12 months.
Based on today's price, Polynovo commands a market capitalisation of roughly $860.19 million.
