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 dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Monday, Athenex ( ATNX )'s, Manson Fok, made a $3.3M purchase of ATNX, buying 300,000 shares at a cost of $11.00 a piece. So far Fok is in the green, up about 31.9% on their buy based on today's trading high of $14.51. Athenex is trading up about 0.6% on the day Thursday. This buy marks the first one filed by Fok in the past twelve months.
And at Juno Therapeutics ( JUNO ), there was insider buying on Tuesday, by Director Anthony B. Evnin who purchased 9,000 shares for a cost of $24.40 each, for a total investment of $219,600. Before this latest buy, Evnin made one other purchase in the past year, buying $176,885 shares for a cost of $22.11 each. Juno Therapeutics is trading up about 4% on the day Thursday. Evnin was up about 14.3% on the purchase at the high point of today's trading session, with JUNO trading as high as $27.88 at last check today.