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 cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At Rexnord Corporation (NYSE:RXN), a filing with the SEC revealed that on Thursday, EVP - Corp. & Bus. Development Praveen R. Jeyarajah bought 15,000 shares of RXN, at a cost of $18.00 each, for a total investment of $270,000. So far Jeyarajah is in the green, up about 21.4% on their buy based on today's trading high of $21.86. Rexnord Corporation is trading up about 1.2% on the day Monday.
And at BioMimetic Therapeutics Inc (BMTI), there was insider buying on Friday, by CEO Samuel Eugene Lynch who bought 70,000 shares at a cost of $2.41 each, for a trade totaling $168,523. Before this latest buy, Lynch made one other buy in the past twelve months, purchasing $30,902 shares at a cost of $2.35 each. BioMimetic Therapeutics Inc is trading up about 5.3% on the day Monday. So far Lynch is in the green, up about 13.8% on their purchase based on today's trading high of $2.74.
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