Pain Therapeutics, Inc. (NASDAQ:PTIE) shares traded up 9.1% during mid-day trading on Wednesday following insider buying activity. The stock traded as high as $1.12 and last traded at $1.08. 1,890,600 shares changed hands during trading, an increase of 197% from the average session volume of 636,781 shares. The stock had previously closed at $0.99.

Specifically, Director Sanford Robertson bought 62,183 shares of the firm’s stock in a transaction on Wednesday, September 26th. The shares were purchased at an average price of $1.02 per share, for a total transaction of $63,426.66. Following the completion of the transaction, the director now directly owns 72,394 shares in the company, valued at approximately $73,841.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Armistice Capital, Llc sold 1,200,000 shares of Pain Therapeutics stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $1.02, for a total value of $1,224,000.00. The disclosure for this sale can be found here. Insiders own 31.40% of the company’s stock.

The stock has a market cap of $6.68 million, a PE ratio of -0.59 and a beta of 2.61.

Pain Therapeutics (NASDAQ:PTIE) last released its earnings results on Thursday, July 26th. The biopharmaceutical company reported ($0.36) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.65) by $0.29.

An institutional investor recently raised its position in Pain Therapeutics stock. Northern Trust Corp grew its position in shares of Pain Therapeutics, Inc. (NASDAQ:PTIE) by 152.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,144 shares of the biopharmaceutical company’s stock after purchasing an additional 23,062 shares during the quarter. Northern Trust Corp owned approximately 0.55% of Pain Therapeutics worth $270,000 as of its most recent SEC filing. 32.88% of the stock is owned by institutional investors.

About Pain Therapeutics (NASDAQ:PTIE)

Pain Therapeutics, Inc develops drugs for nervous system disorders in the United States. The company's lead drug candidate is REMOXY, a proprietary abuse-deterrent oral formulation of oxycodone to treat severe chronic pain. It is also developing FENROCK, a proprietary abuse-deterrent transdermal pain patch for pain relief; PTI-125, a small molecule drug candidate to treat Alzheimer's disease; and PTI-125DX, a blood-based diagnostic/biomarker to detect Alzheimer's disease.

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