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.
On Tuesday, ServiceSource International (NASDAQ:SREV)'s Director, Barry D. Reynolds, made a $783,150 purchase of SREV, buying 115,000 shares at a cost of $6.81 each. ServiceSource International is trading up about 5.1% on the day Thursday. Before this latest buy, Reynolds bought SREV at 3 other times during the past year, for a total investment of $9.95M at an average of $9.32 per share.
And at Cyclacel Pharmaceuticals (NASDAQ:CYCC), there was insider buying on Tuesday, by CEO Spiro Rombotis who bought 100,000 shares for a cost of $3.00 each, for a trade totaling $300,000. This purchase marks the first one filed by Rombotis in the past year. Cyclacel Pharmaceuticals is trading up about 0.2% on the day Thursday.
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