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The directors of a company tend to have a unique inside view into the business, so when directors make major buys, investors are wise to take notice. Presumably the only reason a director of a company would choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $8.2M invested across 6 purchases by Fredric N. Eshelman, Director at Furiex Pharmaceuticals Inc (NASDAQ:FURX).
Eshelman bets big on FURX:
Purchased
Insider
Title
Shares
Price/Share
Value
11/08/2011
Fredric N. Eshelman
Director
264,070
$15.97
$4,218,204.06
11/09/2011
Fredric N. Eshelman
Director
947
$16.26
$15,398.22
11/10/2011
Fredric N. Eshelman
Director
12,889
$16.48
$212,410.72
11/21/2011
Fredric N. Eshelman
Director
36,093
$15.74
$567,933.39
11/25/2011
Fredric N. Eshelman
Director
22,080
$16.15
$356,641.16
12/05/2011
Fredric N. Eshelman
Director
163,342
$17.62
$2,877,587.20
Eshelman's average cost works out to $16.52/share. In trading on Friday, bargain hunters could buy shares of Furiex Pharmaceuticals Inc (NASDAQ:FURX) and achieve a cost basis lower than Eshelman, with shares changing hands as low as $15.73 per share. Shares of Furiex Pharmaceuticals Inc were changing hands at $16.41 at last check, trading off about 7.7% on Friday. The chart below shows the one year performance of FURX shares, versus its 200 day moving average:
Looking at the chart above, FURX's low point in its 52 week range is $12.25 per share, with $19.55 as the 52 week high point — that compares with a last trade of $16.41.
FURX operates in the Drugs & Pharmaceuticals sector, among companies like McKesson Corp. (NYSE:MCK) which is up about 1.6% today, and Allergan, Inc (NYSE:AGN) trading up by about 2.3%. Below is a three month price history chart comparing the stock performance of FURX, versus MCK and AGN.
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