Garo H. Armen, chief executive and board member of Protagenic Therapeutics Inc., acquired 20,000 ordinary shares for $13,000 at $0.65 per share on August 21, according to regulatory filings.
The transaction increased Armen’s direct ownership in the biotechnology company to 73,533 shares. The purchase follows a sharp rise in Protagenic’s stock, which surged 122% over the prior week to reach $1.10 per share.
The company’s shares, listed on the NASDAQ under the ticker PTIX, have exhibited significant volatility in recent trading sessions. Data provider InvestingPro noted the stock’s strong recent performance while flagging that shares were trading above its estimated fair value.
