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.
On Monday, Merrimack Pharmaceuticals (MACK)'s Director, Michael E. Porter, made a $221,548 purchase of MACK, buying 32,390 shares at a cost of $6.84 a piece. Porter was up about 7.3% on the buy at the high point of today's trading session, with MACK trading as high as $7.34 in trading on Tuesday. Merrimack Pharmaceuticals is trading up about 5.5% on the day Tuesday. Before this latest buy, Porter bought MACK on 8 other occasions during the past twelve months, for a total cost of $1.07M at an average of $4.50 per share.
And on Tuesday, CEO & President John T. Rynd bought $144,360 worth of Hercules Offshore (HERO), buying 36,000 shares at a cost of $4.01 a piece. This buy marks the first one filed by Rynd in the past year. Hercules Offshore is trading off about 1% on the day Tuesday.
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