Why Athenex's Stock Is Flying High Today

Shares of Athenex (NASDAQ: ATNX), a commercial-stage biopharma focused on cancer, jumped 17% as of 1:27 p.m. EDT on Tuesday after an SEC filing revealed that a major shareholder recently added to its position in the company.

Investors can thank Perceptive Advisors for today's double-digit jump. Perceptive Advisors is a venture capital fund that specializes in investing in companies from the life sciences industry, and has more than $4.2 billion in assets.

An SEC filing that was made public yesterday revealed that Perceptive Advisors purchased an additional 50,000 shares of Athenex's stock for an average price of $10.93 on Oct. 17, 2019. That purchase was made public because Perceptive Advisors already owned more than 10% of Athenex's shares prior to the addition.

Source Fool.com