As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
On Monday, Pacific Biosciences California Inc (NASDAQ:PACB)'s Chairman, CEO & President, Michael Hunkapiller, made a $270,248 buy of PACB, purchasing 154,100 shares at a cost of $1.75 each. Bargain hunters can bag PACB at a price even lower than Hunkapiller did, with the stock trading as low as $1.52 in trading on Thursday which is 13.3% under Hunkapiller's purchase price. Pacific Biosciences California Inc is trading down about 0.6% on the day Thursday. Before this latest buy, Hunkapiller purchased PACB on 5 other occasions during the past twelve months, for a total cost of $1.88M at an average of $1.51 per share.
And at Fifth Street Finance Corporation (FSC), there was insider buying on Tuesday, by CEO Leonard M. Tannenbaum who bought 10,000 shares for a cost of $10.43 each, for a total investment of $104,300. Before this latest buy, Tannenbaum purchased FSC on 3 other occasions during the past twelve months, for a total investment of $484,895 at an average of $9.70 per share. Fifth Street Finance Corporation is trading up about 1.6% on the day Thursday. So far Tannenbaum is in the green, up about 1.8% on their purchase based on today's trading high of $10.62.
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