One of Dice Therapeutics’ (NASDAQ:DICE) key insiders, Ra Capital Management, Llc, recently bought the company’s shares worth $13.5 million. It is worth mentioning that the hedge fund manager owns more than 10% of Dice’s stock and is also one of the company’s Directors.
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The biopharmaceutical company is focused on the development of oral medicines for treating chronic autoimmune and inflammatory diseases.
Going by the SEC filing, Ra Capital bought 498,556 shares of the company at a weighted average price of $26.99 per share in multiple transactions between March 23 and March 27. As per the data collected by TipRanks, the total value of DICE stock in the firm’s portfolio now stands at about $199.9 million.
Interestingly, Ra Capital has a 41% success rate in its 128 transactions over the past year, with an average return of 7% per transaction.
TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is Dice a Good Stock to Buy?
On TipRanks, DICE stock commands a Strong Buy consensus rating based on five unanimous Buys. The average price target of $64.25 implies 134% upside potential. The stock has declined 12.4% so far in 2023.
Furthermore, hedge funds increased their exposure to the stock. Our data shows that hedge funds bought 2.5 million shares of the company in the last quarter. Also, bloggers are 100% bullish on the stock.
