Baudax Bio (NASDAQ:BXRX) Stock Sees Profit Taking At Higher Level

The Baudax Bio (NASDAQ:BXRX) stock was one of the notable movers last week and ahead of the start of another trading week, it could be a good time for investors to take a look at the stock.

The stock had made a strong move last week but on Friday it fell sharply and went down by 10% as investors decided to book some of their profits. However, it should be noted that the Baudax stock still ended the week with gains of as much as 18%. The rally in the stock was triggered on August 24 after it emerged that the company had filed a Form 4 with the United States Securities and Exchange Commission.

The filing of the Form 4 revealed that Richard Casten, who is the chief financial officer of the company bought a large block of shares in Baudax. It emerged that Casten had picked up as many as 50,000 shares in the company at a price of $0.51 each.

The news about a top executive of a company buying shares is almost always seen as a positive. It indicates that those who are in charge are optimistic about the prospects of the company and that was possibly the reason behind the rally in the Baudax stock.