BioCryst (BCRX) with a rare open market buy this week from the CFO Anthony Doyle of 35,258 shares at $12.48, a more than $440K investment. A separate director also bought 7,500 shares at $12.19 this week for $91K. BCRX has traded well in 2021 up over 67.5% but has pulled back more than 30% from 52-week highs made in August. Shares are back near a big volume node from earlier in the year and nice place to bounce. The $2.22B company trades 19.5X sales and 11X cash. The small-cap bio focuses on oral and small-molecule medicines. The company has a number of marketed treatments including peramivir injection for the treatment of acute uncomplicated influenza, Mundesine for peripheral T-cell lymphoma; and ORLADEYO for hereditary angioedema. The company has seen a slow launch for Orladeyo but starting to see more physicians writing scripts which should continue into 2022 as more insurance policies give access. BCRX expects 40% of HAE patients to be written new scripts for the treatment. Analysts have an average target for shares of $20 with a Street High $30. Piper positive in early November as all commercial metrics appear headed in the right direction and that the firm remains confident in their outlook for FY22. The firm also notes that the recent deal with Royalty Pharma lifts one of two significant overhangs on the stock. Investor focus now turns to BioCryst’s second overhang – Orladeyo revenue guidance. The firm believes that long term, the guidance should be significantly more than the $500M estimate previously provided and will be revised during the company’s Q4 update. Short interest is 11.5%. Hedge fund ownership fell 3.8%. Baker Bros. are a top holder with 12M shares. Sarissa Capital is also a top five holder with 3.92M shares.