Agile Therapeutics (NASDAQ:AGRX) had a strong start to the week in the markets on Monday and saw its stock end the day with gains of as much as 17% amidst heavy interest.
The rally in the stock came about after it emerged, by way of a regulatory filing, that Perceptive Advisors raised its stake in Agile Therapeutics. Perceptive is the biggest shareholder in the women’s healthcare firm. It goes without saying that it was a significant vote of confidence for the company’s future and hence, the rally in the stock was perhaps understandable.
As per the regulatory filing, Perceptive picked up around 5.7 million shares in Agile for $0.85 each back on October 13. The latest transaction took Perceptive Advisors’ stake in Agile Therapeutics to as much as 36% and took the total number of shares in its possession to 21.7 million.
In this context, it is perhaps also necessary to point out that earlier on in the month Agile Therapeutics had also raised as much as $22.7 million through an offering of its common stock. In another filing, Agile had informed the regulators that the offering had been closed on October 13. It remains to be seen if the stock can add to its gains today.
