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 MannKind (NASDAQ:MNKD), a filing with the SEC revealed that on Friday, CEO Alfred E. Mann purchased 40,000,000 shares of MNKD, at a cost of $2.59 each, for a total investment of $103.6M. Bargain hunters have the opportunity to pick up MNKD even cheaper than Mann did, with shares trading as low as $2.19 at last check today which is 15.4% below Mann's purchase price. MannKind Corp is trading up about 2.3% on the day Monday. Before this latest buy, Mann made one other purchase in the past year, buying $77.19M shares for a cost of $2.47 each.
And at United Therapeutics (NASDAQ:UTHR), there was insider buying on Friday, by CEO Martine A. Rothblatt who purchased 9,000 shares for a cost of $51.85 each, for a total investment of $466,662. Before this latest buy, Rothblatt bought UTHR on 6 other occasions during the past twelve months, for a total investment of $1.38M at an average of $46.11 per share. United Therapeutics Corp is trading off about 0.1% on the day Monday. Rothblatt was up about 1.6% on the purchase at the high point of today's trading session, with UTHR trading as high as $52.67 in trading on Monday.
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