U.S. politician makes suspicious biotech stock bet

Finbold’s congressional trading radar has recently picked up a suspicious stock bet made by Maryland congresswoman April McClain Delaney involving a low-profile biotech stock. 

The representative purchased Bio-Techne Corp stock (NASDAQ: TECH) twice, on April 9 and April 29, as revealed in a May 2 Periodic Transaction report.

Both purchases were valued at between $1,001 and $15,000. At the time of her first purchase, TECH stock was trading at $54.07, and had fallen to $50.50 by the time of her second acquisition.

At press time on May 5, TECH stock was changing hands at $50.44, having marked a 29.98% decrease in price since the start of the year.

The congresswoman’s trade hasn’t turned profitable yet — TECH shares have lost 6.7% in value since her first trade, and 0.11% since her second. However, April McClain Delaney’s purchases could be a sign that the fortunes of Bio-Techne Corp stock are about to change.

Why Delaney’s biotech stock purchase raises eyebrows

So, why was this trade suspicious? The biotech stock has mostly flown under the radar on Capitol Hill. Besides Delaney, only three other members of Congress have traded the stock — two of which have since closed their positions.

Moreover, the congresswoman is currently a member of the House Committee on Science, Space, and Technology, the Subcommittee on Research and Technology, as well as the Subcommittee on Conservation, Research, and Biotechnology.

In short, these purchases are quite the seal of approval for the struggling biotech stock — from a lawmaker who both possesses an informational edge and regulates the industry.

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