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 Friday, Idera Pharmaceuticals ( IDRA )'s Director, Julian Baker, made a $6.5M purchase of IDRA, buying 3,250,000 shares at a cost of $2.00 each. Bargain hunters are able to pick up IDRA even cheaper than Baker did, with shares trading as low as $1.83 in trading on Wednesday -- that's 8.5% under Baker's purchase price. Idera Pharmaceuticals is trading up about 7.7% on the day Wednesday.
And on Monday, CEO Thomas E. Ferguson purchased $414,292 worth of AZZ ( AZZ ), purchasing 7,500 shares at a cost of $55.24 each. Before this latest buy, Ferguson made one other buy in the past year, purchasing $21,219 shares for a cost of $43.75 a piece. AZZ is trading up about 0.8% on the day Wednesday.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
