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 Magellan Midstream Partners LP (NYSE:MMP), a filing with the SEC revealed that on Tuesday, Director Chansoo Joung bought 5,000 shares of MMP, for a cost of $67.28 each, for a total investment of $336,414. Thus far Joung is down about 0.5% on the buy, with shares trading as low as $66.95 in trading on Thursday. Magellan Midstream Partners LP is trading down about 0.3% on the day Thursday.
And also on Tuesday, Director James C. Blair purchased $233,400 worth of Clovis Oncology (NASDAQ:CLVS), purchasing 40,000 shares at a cost of $5.83 each. This purchase marks the first one filed by Blair in the past year. Clovis Oncology is trading down about 0.5% on the day Thursday. So far Blair is in the green, up about 4.4% on their purchase based on today's trading high of $6.09.
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