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 Valeant Pharmaceuticals International (VRX), a filing with the SEC revealed that on Friday, CEO Joseph C. Papa bought 202,000 shares of VRX, at a cost of $24.48 each, for a total investment of $4.94M. Valeant Pharmaceuticals International is trading up about 1.7% on the day Monday.
And on Thursday, Director Rowland T. Moriarty purchased $518,503 worth of Virtusa Corp (VRTU), purchasing 15,000 shares at a cost of $34.57 a piece. This purchase marks the first one filed by Moriarty in the past twelve months. Virtusa Corp is trading down about 0.5% on the day Monday. Bargain hunters are able to buy VRTU at a price even lower than Moriarty did, with shares changing hands as low as $33.82 at last check today which is 2.2% below Moriarty's purchase price.
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