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 Thursday, Arconic ( ARNC )'s Director, David P. Hess, made a $999,557 purchase of ARNC, buying 40,300 shares at a cost of $24.80 each. Arconic is trading up about 1.3% on the day Monday.
And at Athenex ( ATNX ), there was insider buying on Thursday, by Director Manson Fok who bought 50,000 shares at a cost of $14.36 each, for a total investment of $718,187. Before this latest buy, Fok made one other buy in the past year, purchasing $3.3M shares at a cost of $11.00 each. Athenex is trading up about 3.7% on the day Monday.