Shares of Nutex Health (NASDAQ: NUTX) were up more than 12% Friday afternoon after being up as much as 24% earlier in the day. The company provides technology-driven healthcare management and operates physician networks and 19 for-profit micro-hospitals across eight states. Its shares are still down more than 70% so far this year.

There were two reasons for the stock's rise. The healthcare company's shares bounced back from an overcorrection after the company announced a first-quarter earnings per share (EPS) loss of $0.02 on Monday.

The other reason for the surge was that on Thursday, Nutex reported that director John J. Waters bought 50,000 shares of the company at $0.469 a share and now owns 196,292 shares. The buy wasn't that substantial, at only $23,450, but the insider purchase did show confidence in the stock. The bounce back that was already in effect was just helped by the insider buy.

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Source Fool.com