In a sea of red across the ASX today, the Polynovo Ltd (ASX: PNV) share price is faring no better.
During early afternoon trade, the medical device company's shares are swapping hands at $1.14, down 4.6%.
This comes despite Polynovo announcing another sizeable share purchase from one of its directors.
For context, the All Ordinaries Index (ASX: XAO) is 0.95% in the red to 7,391.9 points.
Polynovo insider buying action continues
Following the recent market slump, the company's chair, David Williams has decided to take advantage of the Polynovo share price weakness.
According to its release, Polynovo advised that Mr Williams has bought 79,557 shares at a price of $1.1849 apiece. This was conducted via an on-market trade by Mr Williams' subsidiary, Lawn Views Pty Ltd.
The transaction equates to a value of more than $94,000.
Following the latest purchase, this means that Mr Williams now has over 23.24 million fully paid ordinary Polynovo shares across all holdings.
The latest buy-in reflects that a number of insiders, particularly Mr Williams believe Polynovo shares are trading at bargain levels.
It is worth noting that at the beginning of May, Polynovo shares touched a 52-week low of 83.5 cents.
It's also worth noting that Mr Williams has made a number of purchases since the beginning of May 2022. In fact, he has spent around $4.65 million over that time.
Polynovo share price summary
Despite this month's 19% gain, Polynovo shares have fallen by 55% in the past 12 months.
Year to date, its shares are down roughly 25%.
Based on today's price, Polynovo presides a market capitalisation of approximately $817.18 million.
