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There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on August 19, Novavax's CEO, Stanley C. Erck, invested $16,380.00 into 13,000 shares of NVAX, for a cost per share of $1.26. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Tuesday, bargain hunters could buy shares of Novavax, Inc. (NASDAQ:NVAX) and achieve a cost basis 4.0% cheaper than Erck, with shares changing hands as low as $1.21 per share. Novavax, Inc. shares are currently trading down about 3.1% on the day. The chart below shows the one year performance of NVAX shares, versus its 200 day moving average:
Looking at the chart above, NVAX's low point in its 52 week range is $1.13 per share, with $3.50 as the 52 week high point — that compares with a last trade of $1.26. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:
Purchased
Insider
Title
Shares
Price/Share
Value
06/20/2011
Richard Douglas
Director
50,000
$2.04
$101,750.00
08/09/2011
Richard Douglas
Director
50,000
$1.20
$60,000.00
08/09/2011
Frederick W. Driscoll
VP, CFO & Treasurer
20,000
$1.18
$23,600.00
08/09/2011
John Trizzino
Snr. VP, Int & Govt Alliances
20,000
$1.19
$23,800.00
08/10/2011
Stanley C. Erck
President and CEO
50,000
$1.24
$62,000.00
08/19/2011
Stanley C. Erck
President and CEO
13,000
$1.26
$16,380.00
NVAX operates in the Biotechnology sector, among companies like Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) which is off about 1.9% today, and Dynavax Technologies Corp (NASDAQ:DVAX) trading relatively unchanged. Below is a three month price history chart comparing the stock performance of NVAX, versus LXRX and DVAX.
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