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.
At Valeant Pharmaceuticals International (NYSE:VRX), a filing with the SEC revealed that on Friday, Robert Roswell Chai-Onn purchased 5,032 shares of VRX, at a cost of $99.30 each, for a total investment of $499,673. Investors have the opportunity to snag VRX even cheaper than Chai-onn did, with shares changing hands as low as $95.28 in trading on Wednesday which is 4.0% under Chai-Onn's purchase price. Valeant Pharmaceuticals International is trading up about 0.3% on the day Wednesday.
And at ION Geophysical Corp (NYSE:IO), there was insider buying on Monday, by Director James M. Lapeyre Jr. who bought 75,000 shares for a cost of $4.73 each, for a trade totaling $354,750. Before this latest buy, Lapeyre Jr. bought IO at 3 other times during the past year, for a total cost of $1.07M at an average of $5.65 per share. ION Geophysical Corp is trading up about 3.7% on the day Wednesday.
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