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Bargain Hunters Take Note: Insider Cluster-Buying At OREX
By Market News Video Staff, Friday, December 23, 10:49 AM ET
A particularly strong insider buying signal is what we call a "cluster-buy" where three or more different insiders make open market purchases within a short period of one another. At Orexigen Therapeutics, Inc. (NASDAQ:OREX), 8 different insiders purchased 3,284,029 shares at an average price of $1.45/share, for a total of $4.76M, with the most recent purchase on December 22, 2011.
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. So when multiple insiders all decide to make purchases around the same time, it could be a strong indication that the stock is undervalued. Below is a table summarizing the insider buys that make up this "cluster":
Purchased
Insider
Title
Shares
Price/Share
Value
12/22/2011
Brian K. Halak
469,147
$1.45
$680,263.15
12/22/2011
Brian H. Dovey
Director
469,147
$1.45
$680,263.15
12/22/2011
Vii Associates LP DP
7,882
$1.45
$11,428.90
12/22/2011
Parters Vii L. P. Domain
461,265
$1.45
$668,834.25
12/22/2011
James C. Blair
469,147
$1.45
$680,263.15
12/22/2011
Nicole Vitullo
469,147
$1.45
$680,263.15
12/22/2011
Kathleen K. Schoemaker
469,147
$1.45
$680,263.15
12/22/2011
Jesse I. Treu
469,147
$1.45
$680,263.15
The chart below shows the one year performance of OREX shares, versus its 200 day moving average. Note that OREX's low point in its 52 week range is $1.22 per share, with $10.08 as the 52 week high point — that compares with a last trade of $1.59, with shares currently trading trading flat on the day.
OREX operates in the Biotechnology sector, among companies like Exelixis Inc (NASDAQ:EXEL) which is down about 1.9% today, and Emergent BioSolutions Inc (NYSE:EBS) trading higher by about 0.1%. Below is a three month price history chart comparing the stock performance of OREX, versus EXEL and EBS.
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