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 Wednesday, Synergy Pharmaceuticals Inc (NASDAQ:SGYP)'s Chairman, Gabriel Cerrone, made a $317,250 purchase of SGYP, buying 87,820 shares at a cost of $3.61 each. Cerrone was up about 16.8% on the purchase at the high point of today's trading session, with SGYP trading as high as $4.22 at last check today. Synergy Pharmaceuticals Inc is trading up about 10.4% on the day Thursday. This buy marks the first one filed by Cerrone in the past twelve months.
And on Tuesday, CEO John A. Crum bought $267,650 worth of Midstates Petroleum Co Inc (MPO), buying 50,000 shares at a cost of $5.35 a piece. Before this latest buy, Crum bought MPO on 3 other occasions during the past twelve months, for a total investment of $589,638 at an average of $7.86 per share. Midstates Petroleum Co Inc is trading up about 3.9% on the day Thursday. Investors can buy MPO even cheaper than Crum did, with shares trading as low as $4.90 at last check today -- that's 8.5% below Crum's purchase price.
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