In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Psychemedics Corp (NASDAQ:PMD) reported that Tieton Capital Management, Llc. has picked up 266,888 of common stock as of 2017-06-01.
The acquisition brings the aggregate amount owned by Tieton Capital Management, Llc. to a total of 266,888 representing less than 4.9% stake in the company.
For those not familiar with the company, Psychemedics Corporation (Psychemedics) provides hair testing for drugs of abuse, utilizing a hair analysis method involving digestion of hair, enzyme immunoassay (EIA) technology and confirmation by mass spectrometry to analyze human hair to detect abused substances. The Company operates in drug testing services segment. The Company is in the business of performing drug testing and reporting the results thereof. The Company’s drug testing services include training for collection of samples and storage of positive samples for its customers for an agreed-upon fee per unit tested of samples. The Company’s primary application of its technology is as a testing service that analyzes hair samples for the presence of certain drugs of abuse. The Company’s tests provide information that indicates the approximate amount of drug ingested, as well as historical data, which shows a pattern of individual drug use over a longer period of time.
A glance at Psychemedics Corp (NASDAQ:PMD)’s key stats reveals a current market capitalization of 117.50 Million based on 5.46 Million shares outstanding and a price at last close of $21.01 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2016-03-02, Connick picked up 700 at a purchase price of $12.83. This brings their total holding to 41,362 as of the date of the filing.
On the sell side, the most recent transaction saw Schaffer unload 3,000 shares at a sale price of $20.43. This brings their total holding to 42,447.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Psychemedics Corp (NASDAQ:PMD) as things move forward to see if its progress aligns with these transactions.
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