Nike’s stock price has seen a significant increase following notable insider buying by key executives. Elliott Hill, the Chief Executive Officer of Nike, purchased 16,400 shares for approximately $1 million. This surge in confidence is compounded by the announcement that Tim Cook, the CEO of Apple, acquired $3 million worth of Nike stock. Cook, who has been a member of Nike’s board since 2005, bought 50,000 shares at an average price of $58.97. Another board member, Robert Swan, also added to his holdings, purchasing around $500,000 in shares on December 22, 2023 at an average price of $57.54.
The timing of these purchases comes after a challenging period for Nike, which has faced declining sales in China, decreasing gross margins, and a cautious outlook for its upcoming quarters. Despite these challenges, the stock has shown signs of recovery, having found support around $57. As of the last trading session, Nike shares were priced at $62, indicating a positive shift. Analysts are optimistic that the stock could rise further, with a target to close the bearish gap around $66.20 within the next few days.
Axsome Therapeutics Sees Significant Stock Increase
In a separate development, shares of Axsome Therapeutics (NASDAQ: AXSM) have surged by 18%, reflecting an increase of $28.17 per share. This rise follows the announcement that the U.S. Food and Drug Administration (FDA) has granted priority review for the company’s marketing application seeking an expanded label for its depression therapy, AXS-05, specifically for treating agitation in patients with Alzheimer’s disease. The FDA has set a target action date of April 30, 2026 for this review.
Herriot Tabuteau, MD, CEO of Axsome Therapeutics, emphasized the importance of this development in a company press release, stating, “Up to 76% of people with Alzheimer’s disease experience agitation, representing a significant unmet medical need for patients and their caregivers, and currently, there is a dearth of approved treatments. We look forward to continuing to work with the FDA for the remainder of the review.”
Nvidia Collaborates with TSMC on Chip Production
In the technology sector, shares of Taiwan Semiconductor Manufacturing Company (TSMC) have risen by approximately $5.35 per share following reports that Nvidia has requested the manufacturer to ramp up production of its H200 artificial intelligence chips. According to sources cited by Reuters, demand has surged, with Chinese technology companies placing orders for more than 2 million H200 chips for 2026, while Nvidia currently holds just 700,000 units in stock. The specifics regarding the additional volume Nvidia intends to order from TSMC have not been disclosed, but production is expected to begin in the second quarter of 2026.
These developments across various sectors highlight the dynamic nature of the market, with insider purchases at Nike signaling confidence amid challenges and significant advancements in the biotech and semiconductor industries.