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.
At Provention Bio (PRVB), a filing with the SEC revealed that on Wednesday, Director Anthony Digiandomenico purchased 5,000 shares of PRVB, at a cost of $8.39 each, for a total investment of $41,950. Digiandomenico was up about 3.6% on the buy at the high point of today's trading session, with PRVB trading as high as $8.69 in trading on Thursday. Provention Bio is trading up about 3.4% on the day Thursday. Before this latest buy, Digiandomenico bought PRVB on 15 other occasions during the past year, for a total investment of $917,194 at an average of $5.78 per share.
And at Fuel Tech (FTEK), there was insider buying on Wednesday, by Senior Vice President, Sales William E. Cummings Jr. who bought 21,511 shares at a cost of $0.96 each, for a total investment of $20,616. Fuel Tech Inc is trading up about 8.2% on the day Thursday.