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.
On Monday, Reata Pharmaceuticals (RETA)'s, James W. Traweek Jr., made a $1.41M buy of RETA, purchasing 73,403 shares at a cost of $19.26 each. Traweek Jr. was up about 7.1% on the purchase at the high point of today's trading session, with RETA trading as high as $20.63 in trading on Wednesday. Reata Pharmaceuticals is trading down about 0.3% on the day Wednesday. Before this latest buy, Traweek Jr. purchased RETA on 4 other occasions during the past year, for a total investment of $3.84M at an average of $13.14 per share.
And at Prosperity Bancshares (NYSE:PB), there was insider buying on Monday, by Vice Chairman H. E. Timanus Jr. who bought 6,500 shares for a cost of $45.09 each, for a total investment of $293,105. Before this latest buy, Timanus Jr. purchased PB on 2 other occasions during the past twelve months, for a total cost of $266,400 at an average of $44.40 per share. Prosperity Bancshares is trading up about 2.5% on the day Wednesday. So far Timanus Jr. is in the green, up about 6.7% on their purchase based on today's trading high of $48.11.
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