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 Agenus ( AGEN ), a filing with the SEC revealed that on Friday, CEO Garo H. Armen purchased 100,000 shares of AGEN, at a cost of $5.03 each, for a total investment of $503,000. Bargain hunters have the opportunity to snag AGEN at a price even lower than Armen did, with the stock changing hands as low as $4.62 in trading on Wednesday which is 8.2% below Armen's purchase price. Agenus is trading up about 4.7% on the day Wednesday. This buy marks the first one filed by Armen in the past year.
And also on Friday, CEO Joseph A. Jolson purchased $494,532 worth of JMP Group ( JMP ), purchasing 80,002 shares at a cost of $6.18 a piece. Before this latest buy, Jolson purchased JMP at 3 other times during the past year, for a total investment of $6.89M at an average of $6.81 per share. JMP Group is trading up about 0.8% on the day Wednesday. Jolson was up about 3.7% on the purchase at the high point of today's trading session, with JMP trading as high as $6.41 in trading on Wednesday.