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 cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At Visa (NYSE:V), a filing with the SEC revealed that on Monday, Director Alfred F. Kelly Jr. purchased 1,575 shares of V, for a cost of $222.70 each, for a total investment of $350,752. Kelly Jr. was up about 1.9% on the buy at the high point of today's trading session, with V trading as high as $226.95 in trading on Wednesday. Visa is trading up about 0.2% on the day Wednesday. This purchase marks the first one filed by Kelly Jr. in the past year.
And at Senomyx (NASDAQ:SNMX), there was insider buying on Monday, by Director Michael E. Herman who bought 33,000 shares at a cost of $10.09 each, for a total investment of $332,940. This purchase marks the first one filed by Herman in the past twelve months. Senomyx is trading up about 10.4% on the day Wednesday. So far Herman is in the green, up about 8.9% on their purchase based on today's trading high of $10.99.
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