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 PIMCO Dynamic Credit Income Fund (NYSE:PCI), a filing with the SEC revealed that on Thursday, William H. Gross bought 186,249 shares of PCI, for a cost of $23.52 each, for a total investment of $4.38M. Gross was up about 0.8% on the purchase at the high point of today's trading session, with PCI trading as high as $23.71 in trading on Tuesday. PIMCO Dynamic Credit Income Fund is trading up about 0.2% on the day Tuesday. Before this latest buy, Gross bought PCI on 19 other occasions during the past twelve months, for a total cost of $41.89M at an average of $22.98 per share.
And on Friday, Director Deepika Pakianathan bought $3M worth of Karyopharm Therapeutics (NASDAQ:KPTI), buying 114,419 shares at a cost of $26.18 each. Before this latest buy, Pakianathan made one other buy in the past twelve months, purchasing $5M shares at a cost of $16.00 each. Karyopharm Therapeutics is trading up about 2.4% on the day Tuesday. Pakianathan was up about 7.0% on the buy at the high point of today's trading session, with KPTI trading as high as $28.02 at last check today.
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