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 Evoke Pharma, a filing with the SEC revealed that on Wednesday, Director Kenneth J. Widder bought 450,000 shares of EVOK, at a cost of $2.90 each, for a total investment of $1.31M. So far Widder is in the green, up about 17.9% on their purchase based on today's trading high of $3.42. Evoke Pharma is trading up about 6.8% on the day Monday.
And at Avon Products, there was insider buying on Thursday, by EVP, COO James S. Scully who purchased 150,000 shares for a cost of $4.37 each, for a trade totaling $655,440. This purchase marks the first one filed by Scully in the past twelve months. Avon Products is trading off about 0.2% on the day Monday. Scully was up about 3.9% on the buy at the high point of today's trading session, with AVP trading as high as $4.54 at last check today.
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