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 Health Sciences Acquisitions, a filing with the SEC revealed that on Friday, Chief Executive Officer Roderick Wong bought 46,999 shares of HSAC, for a cost of $10.40 each, for a total investment of $488,960. So far Wong is in the green, up about 5.5% on their purchase based on today's trading high of $10.98. Health Sciences Acquisitions is trading off about 0.1% on the day Wednesday. Before this latest buy, Wong bought HSAC on 3 other occasions during the past year, for a total cost of $2.34M at an average of $10.20 per share.
And also on Friday, Director Andres Conesa purchased $294,520 worth of Sempra Energy, purchasing 2,000 shares at a cost of $147.26 a piece. This buy marks the first one filed by Conesa in the past year. Sempra Energy is trading up about 0.3% on the day Wednesday.
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