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 Convey Holding Parent, a filing with the SEC revealed that on Friday, Managing Partner & EVP Kyle Stern purchased 38,760 shares of CNVY, for a cost of $13.12 each, for a total investment of $508,531. Bargain hunters can bag CNVY even cheaper than Stern did, with shares trading as low as $11.39 at last check today which is 13.2% under Stern's purchase price. Convey Holding Parent is trading off about 1.1% on the day Tuesday. This purchase marks the first one filed by Stern in the past year.
And on Monday, Director Mark J. Alles purchased $162,680 worth of Turning Point Therapeutics, purchasing 2,000 shares at a cost of $81.34 each. This buy marks the first one filed by Alles in the past year. Turning Point Therapeutics is trading off about 0.2% on the day Tuesday.
For MarketNewsVideo.com, I'm Sayoko Murase.