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.
On Monday, Sunesis Pharmaceuticals ( SNSS )'s Director, Dayton Misfeldt, made a $1.47M buy of SNSS, purchasing 1,750,000 shares at a cost of $0.84 a piece. So far Misfeldt is in the green, up about 15.4% on their buy based on today's trading high of $0.97. Sunesis Pharmaceuticals is trading up about 8.9% on the day Tuesday. This buy marks the first one filed by Misfeldt in the past twelve months.
And on Friday, Director Joseph A. Jolson purchased $364,456 worth of Harvest Capital Credit ( HCAP ), purchasing 32,407 shares at a cost of $11.25 a piece. Before this latest buy, Jolson purchased HCAP at 3 other times during the past twelve months, for a total cost of $441,424 at an average of $11.74 per share. Harvest Capital Credit is trading up about 3% on the day Tuesday.