The Polynovo Ltd (ASX: PNV) share price is edging higher on Monday morning, up 2.78% to 92.5 cents.
This comes as insiders have recently taken advantage of the share price weakness to purchase more shares.
Despite today's gains, the medical device company's shares have fallen 16% in a week, and 40% in 2022.
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Directors top up on Polynovo shares
In its most recent statements, Polynovo revealed that a few of its directors each bought a portion of new shares.
Polynovo chair, David Williams picked up 500,000 shares through an on-market acquisition on 5 May at 86.89 cents apiece. He further added to his holding by buying another 1,000,565 shares at 89.94 cents each the following day.
In total, Mr Williams increased his portfolio by roughly 1.5 million Polynovo shares. This means that the chair now has around 20.4 million fully paid ordinary Polynovo shares across all his holdings.
In addition, non-executive director Andrew Lumsden also supplemented his portfolio with 100,000 shares on 5 May. The price paid per share was 87.31 cents.
The Polynovo shares were purchased via an on-market trade, bringing Mr Lumsden's total to 100,000 shares.
Furthermore, non-executive director Christine Emmanuel conducted a transaction of 115,000 Polynovo shares on 6 May. She ended up getting the best deal in the end, paying 85.51 cents per share.
The above transactions equate to the value of more than $1.52 million.
It appears that the directors believe that Polynovo shares may have bottomed out.
Polynovo share price snapshot
Over the past 12 months, Polynovo shares have plummeted by around 66%.
The company's share price has been moving along on a downhill trajectory since the start of July 2021.
Based on today's price, Polynovo commands a market capitalisation of roughly $595.52 million.
