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.
At ION Geophysical Corp (IO), a filing with the SEC revealed that on Thursday, Director James M. Lapeyre Jr. purchased 46,000 shares of IO, for a cost of $5.77 each, for a total investment of $265,294. Lapeyre Jr. was up about 12.7% on the purchase at the high point of today's trading session, with IO trading as high as $6.50 in trading on Tuesday. ION Geophysical Corp is trading down about 5.9% on the day Tuesday. Before this latest buy, Lapeyre Jr. purchased IO on 5 other occasions during the past year, for a total cost of $809,009 at an average of $0.51 per share.
And also on Thursday, Chief Medical Officer Gonzalez David Angulo bought $82,158 worth of SCYNEXIS (NASDAQ:SCYX), buying 36,950 shares at a cost of $2.22 each. Before this latest buy, Angulo made one other buy in the past twelve months, purchasing $21,000 shares for a cost of $7.00 each. SCYNEXIS is trading up about 2.7% on the day Tuesday.
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