Shares of vTv Therapeutics (NASDAQ:VTVT) stock are taking off on Friday morning after a stock purchase by its parent company on Thursday.
In a U.S. Securities and Exchange Commission filing, vTv Therapeutics announced that MacAndrews & Forbes Group purchased 625,000 shares for $1.60 per share. In turn, MacAndrews & Forbes — which owns a number of notable brands like Revlon and AM General — raised $1 million for vTv Therapeutics.
Moreover, vTv Therapeutics also said that both President and CEO Stephen L. Holcombe and CFO Rudy C. Howard will remain in their respective roles until the end of 2021.
According to its website, vTv is a pharmaceutical firm “focused on treating metabolic diseases to minimize their long-term complications through end-organ protection.” It boasts a very impressive pipeline of treatments for various conditions including diabetes, psoriasis and chronic obstructive pulmonary disease (COPD).
Overall, the recent runup in VTVT stock has lead to the rally Friday. In fact, shares gained 9.5% the past four trading days ahead of Thursday’s after-hours announcement. That said, VTVT stock was last at this price in late February. Thus, it will be interesting to see where shares go from here.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.