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.
At Phathom Pharmaceuticals (NASDAQ:PHAT), a filing with the SEC revealed that on Tuesday, Director Jonathan S. Edwards purchased 1,052,631 shares of PHAT, for a cost of $19.00 each, for a total investment of $20M. Edwards was up about 25.3% on the purchase at the high point of today's trading session, with PHAT trading as high as $23.80 in trading on Thursday. Phathom Pharmaceuticals is trading up about 0.9% on the day Thursday. This purchase marks the first one filed by Edwards in the past twelve months.
And also on Tuesday, Director Beth C. Seidenberg purchased $999,999 worth of Progyny (NASDAQ:PGNY), purchasing 76,923 shares at a cost of $13.00 a piece. This buy marks the first one filed by Seidenberg in the past twelve months. Progyny is trading down about 0.6% on the day Thursday. So far Seidenberg is in the green, up about 26.9% on their purchase based on today's trading high of $16.50.
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