When a senator who sits on the Health Committee makes a big bet on a small, home-state medical devices company that just happens to get mucho moolah from the federal government, and then that stock goes up more than 40% in the weeks after said senator’s big bet, it’s the opinion of this mostly humble columnist that there’s some real shady stuff going on.
But it gets worse.
Earlier this month — November 8, to be exact — Sen. Tina Smith (D-Minn.) purchased up to $250,000 in shares of Tactile Systems Technology (TCMD). TCMD shares had been on a real losing streak in 2023, down more than 60% from its 52-week high of $26.11. The price was down nearly another third, to $10.27 from $12.61, in the 48 hours before Smith made her big buy.
Buy the dip, of course. What’s remarkable is just how quickly TCMD recovered over the next three weeks — up 43% since the Minnesota senator plunked down her big bucks on a Minnesota company in an industry that Smith’s committee oversees.
That’s just one trade by one senator.
Financial analyst Quiver Quantitative called it “the most suspicious congressional stock trade I’ve seen in months.”
In May of last year, Quiver…
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