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.
On Thursday, Cleveland-Cliffs' Director, Ron A. Bloom, made a $506,095 buy of CLF, purchasing 25,000 shares at a cost of $20.24 each. Cleveland-Cliffs is trading up about 2.9% on the day Thursday. This buy marks the first one filed by Bloom in the past year.
And at Relmada Therapeutics, there was insider buying on Wednesday, by Chief Executive Officer Sergio Traversa who purchased 100,000 shares at a cost of $3.87 each, for a total investment of $386,738. This purchase marks the first one filed by Traversa in the past year. Relmada Therapeutics is trading up about 12.7% on the day Thursday. So far Traversa is in the green, up about 22.0% on their buy based on today's trading high of $4.72.
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