Monday 9/18 Insider Buying Report: CLF, LXRX Monday, September 18, 10:31 AM ET
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 dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Friday, Cleveland-Cliffs (CLF)'s CEO, Lourenco Goncalves, made a $711,230 buy of CLF, purchasing 100,000 shares at a cost of $7.11 each. So far Goncalves is in the green, up about 4.3% on their purchase based on today's trading high of $7.42. Cleveland-Cliffs is trading up about 3.4% on the day Monday. Before this latest buy, Goncalves purchased CLF on 2 other occasions during the past year, for a total investment of $1.98M at an average of $6.61 per share.
And also on Friday, CEO Lonnel Coats bought $376,337 worth of Lexicon Pharmaceuticals (LXRX), buying 30,000 shares at a cost of $12.54 each. Lexicon Pharmaceuticals is trading up about 4.3% on the day Monday. Coats was up about 5.5% on the purchase at the high point of today's trading session, with LXRX trading as high as $13.24 at last check today.
For MarketNewsVideo.com, I'm Sayoko Murase.
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