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 Synergy Pharmaceuticals Inc (SGYP), a filing with the SEC revealed that on Wednesday, Chairman Gabriel Cerrone purchased 26,000 shares of SGYP, at a cost of $5.98 each, for a total investment of $155,544. Synergy Pharmaceuticals Inc is trading up about 6.8% on the day Friday.
And also on Wednesday, CEO Constantine Karayannopoulos bought $100,002 worth of Molycorp Inc. (MCP), buying 16,667 shares at a cost of $6.00 a piece. Before this latest buy, Karayannopoulos made one other purchase in the past year, buying $100,000 shares for a cost of $10.00 a piece. Molycorp Inc. is trading up about 1.6% on the day Friday. Karayannopoulos was up about 28.0% on the purchase at the high point of today's trading session, with MCP trading as high as $7.68 in trading on Friday.
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