Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Wednesday, Terns Pharmaceuticals', Hongbo Lu, made a $2.16M purchase of TERN, buying 600,000 shares at a cost of $3.60 each. So far Lu is in the green, up about 51.4% on their buy based on today's trading high of $5.45. Terns Pharmaceuticals is trading up about 22.9% on the day Friday. Before this latest buy, Lu made one other purchase in the past year, buying $6.98M shares at a cost of $2.66 each.
And at DISH Network, there was insider buying on Tuesday, by James Defranco who bought 110,000 shares at a cost of $16.73 each, for a trade totaling $1.84M. Before this latest buy, Defranco bought DISH on 7 other occasions during the past twelve months, for a total cost of $37.01M at an average of $18.98 per share. DISH Network is trading up about 5.5% on the day Friday. Defranco was up about 12.6% on the buy at the high point of today's trading session, with DISH trading as high as $18.84 at last check today.
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