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 Inovio Pharmaceuticals Inc. (AMEX:INO), a filing with the SEC revealed that on Tuesday, Director Morton Collins purchased 100,000 shares of INO, at a cost of $0.67 each, for a total investment of $66,940. Inovio Pharmaceuticals Inc. is trading down about 0.7% on the day Thursday.
And at Carmike Cinemas, Inc. (NASDAQ:CKEC), there was insider buying on Tuesday, by CEO S. David Passman III who bought 343 shares at a cost of $15.70 each, for a trade totaling $5,387. Before this latest buy, Passman III bought CKEC on 11 other occasions during the past year, for a total investment of $56,378 at an average of $12.39 per share. Carmike Cinemas, Inc. is trading up about 1.6% on the day Thursday. Investors have the opportunity to grab CKEC even cheaper than Passman III did, with the stock changing hands as low as $15.35 at last check today -- that's 2.3% below Passman III's purchase price.
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