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 Intercept Pharmaceuticals, a filing with the SEC revealed that on Friday, Director Srinivas Akkaraju purchased 237,000 shares of ICPT, at a cost of $21.17 each, for a total investment of $5.02M. So far Akkaraju is in the green, up about 12.7% on their buy based on today's trading high of $23.86. Intercept Pharmaceuticals Inc is trading up about 11.7% on the day Monday.
And at Dropbox, there was insider buying on Wednesday, by Robert J. Mylod Jr. who purchased 100,000 shares for a cost of $24.59 each, for a trade totaling $2.46M. This buy marks the first one filed by Mylod Jr. in the past year. Dropbox is trading up about 3.4% on the day Monday. So far Mylod Jr. is in the green, up about 14.9% on their buy based on today's trading high of $28.25.
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