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 Asterias Biotherapeutics (AST), a filing with the SEC revealed that on Monday, Chief Executive Officer Pedro Lichtinger purchased 128,205 shares of AST, at a cost of $3.90 each, for a total investment of $500,000. Investors are able to grab AST at a price even lower than Lichtinger did, with the stock changing hands as low as $3.80 in trading on Thursday which is 2.6% below Lichtinger's purchase price. Asterias Biotherapeutics is trading trading flat on the day Thursday. This purchase marks the first one filed by Lichtinger in the past year.
And on Tuesday, Director James E. Sweetnam bought $354,984 worth of SunCoke Energy (NYSE:SXC), buying 21,100 shares at a cost of $16.82 a piece. Before this latest buy, Sweetnam made one other purchase in the past twelve months, buying $164,948 shares for a cost of $15.54 each. SunCoke Energy is trading up about 3.6% on the day Thursday.
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