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 Corcept Therapeutics, a filing with the SEC revealed that on Tuesday, Director G. Leonard Baker Jr. bought 100,000 shares of CORT, for a cost of $4.88 each, for a total investment of $487,895. Baker Jr. was up about 4.9% on the purchase at the high point of today's trading session, with CORT trading as high as $5.12 in trading on Wednesday. Corcept Therapeutics is trading down about 1.6% on the day Wednesday.
And at New Media Investment Group, there was insider buying on Tuesday, by CAO Gregory William Freiberg who purchased 25,000 shares for a cost of $16.10 each, for a total investment of $402,415. Before this latest buy, Freiberg made one other buy in the past twelve months, purchasing $198,500 shares for a cost of $15.88 a piece. New Media Investment Group is trading up about 0.6% on the day Wednesday. So far Freiberg is in the green, up about 2.1% on their purchase based on today's trading high of $16.44.
For MarketNewsVideo.com, I'm Sayoko Murase.