Why do investors buy at higher prices ?

I am currently in a stock called CING . Its trading at 1.60 ish. However there is news that a billionaire name Peter Werth invested over 800k at 8.53 price. I dont get why an investor would invest at a miuch higher price than its current trading price. Yeah the stock has very good news about a new medicine to treat ADHD but im just confused even with that kind of news why anyone would invest at a price so much higher .. Thank you

 

Please provide a link the SEC filing or news report.

 

his name is Peter Werth

 

this is another picture someone posted regarding this stock

 

Sorry for the NEWB question but like I said before why would anyone esp someone who is a billionaire buy a stock at a miuch higher value than it currently is.... This stock never even reached 8 ish . So im just confused ..

 

$1.5198 is all I can find around that time. https://www.sec.gov/Archives/edgar/data/1862150/000149315222025401/xslF345X03/ownership.xml

 

ah ok so he bought at 1,51

that makes much more sense

 

When "news" does not look real, check for the data on your own. I used https://www.quantumonline.com/ to then searched SEC filing.

 

ok... however this stock is very promising .... alot of investors are also coming in . so theres no reason to pump this.

 

Very cringy way to promote a stock. How long did it take you to do this due diligence?