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.
At Cryo-cell International Incorporated (CCEL), a filing with the SEC revealed that on Wednesday, Co-Chief Executive Officer Mark L. Portnoy bought 2,455 shares of CCEL, for a cost of $2.06 each, for a total investment of $5,047. So far Portnoy is in the green, up about 4.6% on their buy based on today's trading high of $2.15. Cryo-cell International Incorporated is trading up about 3.4% on the day Thursday. Before this latest buy, Portnoy made one other purchase in the past twelve months, buying $11,450 shares for a cost of $2.29 a piece.
And on Tuesday, Director Brian L. Melton bought $3,312 worth of Abraxas Petroleum Corp. (NASDAQ:AXAS), buying 1,500 shares at a cost of $2.21 a piece. This purchase marks the first one filed by Melton in the past year. Abraxas Petroleum Corp. is trading down about 0.9% on the day Thursday. Melton was up about 4.6% on the purchase at the high point of today's trading session, with AXAS trading as high as $2.31 in trading on Thursday.
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