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.
At Adverum Biotechnologies, a filing with the SEC revealed that on Wednesday, Braden Michael Leonard purchased 350,000 shares of ADVM, for a cost of $3.00 each, for a total investment of $1.05M. Adverum Biotechnologies is trading up about 5.3% on the day Thursday. Before this latest buy, Leonard bought ADVM at 4 other times during the past year, for a total cost of $2.62M at an average of $6.74 per share.
And at Ally Financial, there was insider buying on Tuesday, by Chief Financial Officer Russell E. Hutchinson who purchased 8,200 shares at a cost of $30.81 each, for a total investment of $252,682. Before this latest buy, Hutchinson made one other buy in the past twelve months, purchasing $753,474 shares for a cost of $39.45 a piece. Ally Financial is trading up about 1.8% on the day Thursday. So far Hutchinson is in the green, up about 6.0% on their buy based on today's trading high of $32.68.
VIDEO: Thursday 4/24 Insider Buying Report: ADVM, ALLY
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