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.
At Ligand Pharmaceuticals, a filing with the SEC revealed that on Wednesday, Director Jason Aryeh purchased 4,004 shares of LGND, for a cost of $99.22 each, for a total investment of $397,287. Bargain hunters are able to buy LGND at a price even lower than Aryeh did, with the stock changing hands as low as $93.31 in trading on Thursday which is 6.0% below Aryeh's purchase price. Ligand Pharmaceuticals is trading up about 5.3% on the day Thursday. Before this latest buy, Aryeh purchased LGND on 5 other occasions during the past twelve months, for a total investment of $215,120 at an average of $110.20 per share.
And at Tesla, there was insider buying on Monday, by Director Robyn M. Denholm who purchased 1,000 shares for a cost of $232.72 each, for a total investment of $232,720. Tesla is trading down about 0.6% on the day Thursday. Denholm was up about 5.1% on the buy at the high point of today's trading session, with TSLA trading as high as $244.51 in trading on Thursday.
For MarketNewsVideo.com, I'm Sayoko Murase.