Wednesday 8/22 Insider Buying Report: RIGL, PRGX Wednesday, August 22, 10:32 AM ET
As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy — they expect to make money. So let's look at two noteworthy recent insider buys.
At Rigel Pharmaceuticals (RIGL), a filing with the SEC revealed that on Friday, CEO Raul R. Rodriguez purchased 114,000 shares of RIGL, at a cost of $2.63 each, for a total investment of $300,002. So far Rodriguez is in the green, up about 10.2% on their purchase based on today's trading high of $2.90. Rigel Pharmaceuticals is trading up about 5.6% on the day Wednesday.
And at PRGX Global (PRGX), there was insider buying on Monday, by Director Matthew A. Drapkin who purchased 30,925 shares at a cost of $9.15 each, for a trade totaling $282,953. Before this latest buy, Drapkin purchased PRGX on 7 other occasions during the past year, for a total investment of $2.63M at an average of $7.96 per share. PRGX Global is trading flat on the day Wednesday. Bargain hunters can bag PRGX even cheaper than Drapkin did, with the stock trading as low as $9.00 in trading on Wednesday which is 1.6% under Drapkin's purchase price.
For MarketNewsVideo.com, I'm Sayoko Murase.
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