As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
At Phillips 66 Partners, a filing with the SEC revealed that on Thursday, Director Mark Haney bought 1,623 shares of PSXP, for a cost of $44.53 each, for a total investment of $72,278. Bargain hunters have the opportunity to buy PSXP at a price even lower than Haney did, with the stock changing hands as low as $41.56 in trading on Friday -- that's 6.7% below Haney's purchase price. Phillips 66 Partners is trading off about 3.4% on the day Friday. This purchase marks the first one filed by Haney in the past year.
And on Wednesday, Chief Medical Officer Dennis D. Kim purchased $60,800 worth of CymaBay Therapeutics, purchasing 20,000 shares at a cost of $3.04 each. This purchase marks the first one filed by Kim in the past twelve months. CymaBay Therapeutics is trading up about 12.2% on the day Friday.
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