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 Friday, Idera Pharmaceuticals (IDRA)'s Director, Julian Baker, made a $6.5M purchase of IDRA, buying 3,250,000 shares at a cost of $2.00 each. Bargain hunters are able to pick up IDRA even cheaper than Baker did, with shares trading as low as $1.83 in trading on Wednesday -- that's 8.5% under Baker's purchase price. Idera Pharmaceuticals is trading up about 7.7% on the day Wednesday.
And on Monday, CEO Thomas E. Ferguson purchased $414,292 worth of AZZ (NYSE:AZZ), purchasing 7,500 shares at a cost of $55.24 each. Before this latest buy, Ferguson made one other buy in the past year, purchasing $21,219 shares for a cost of $43.75 a piece. AZZ is trading up about 0.8% on the day Wednesday.
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