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 Poseida Therapeutics, a filing with the SEC revealed that on Tuesday, Director David Hirsch bought 250,000 shares of PSTX, at a cost of $16.00 each, for a total investment of $4M. Bargain hunters have the opportunity to bag PSTX even cheaper than Hirsch did, with shares trading as low as $13.75 in trading on Thursday -- that's 14.1% under Hirsch's purchase price. Poseida Therapeutics is trading up about 10.5% on the day Thursday. This buy marks the first one filed by Hirsch in the past year.
And on Wednesday, President & GM - Electrical Ken Lavelle purchased $169,565 worth of AZZ, purchasing 5,500 shares at a cost of $30.83 each. AZZ is trading up about 4.3% on the day Thursday. Lavelle was up about 5.4% on the buy at the high point of today's trading session, with AZZ trading as high as $32.51 in trading on Thursday.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.