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.
On Thursday, Ligand Pharmaceuticals Inc (NASDAQ:LGND)'s Director, David M. Knott, made a $2.28M purchase of LGND, buying 196,000 shares at a cost of $11.62 a piece. So far Knott is in the green, up about 12.0% on their purchase based on today's trading high of $13.01. Ligand Pharmaceuticals Inc is trading up about 0.5% on the day Tuesday. Before this latest buy, Knott bought LGND at 10 other times during the past year, for a total investment of $4.86M at an average of $12.06 per share.
And also on Thursday, Chairman, CEO and President Richard E. Rudman bought $973,050 worth of Vocus Inc (VOCS), buying 65,000 shares at a cost of $14.97 each. Before this latest buy, Rudman made one other purchase in the past year, buying $959,400 shares for a cost of $15.99 each. Vocus Inc is trading up about 2.9% on the day Tuesday. So far Rudman is in the green, up about 3.5% on their buy based on today's trading high of $15.50.
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