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 dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At Tesoro Corporation (NYSE:TSO), a filing with the SEC revealed that on Monday, Director Rodney F. Chase purchased 25,000 shares of TSO, for a cost of $36.07 each, for a total investment of $901,745. Chase was up about 8.6% on the buy at the high point of today's trading session, with TSO trading as high as $39.17 at last check today. Tesoro Corporation is trading up about 2% on the day Thursday.
And also on Monday, Chief Executive Officer Peter M. Hecht bought $582,500 worth of Ironwood Pharmaceuticals Inc. (NASDAQ:IRWD), buying 50,000 shares at a cost of $11.65 a piece. Ironwood Pharmaceuticals Inc. is trading up about 1.1% on the day Thursday.
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