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 Byline Bancorp (NYSE:BY), a filing with the SEC revealed that on Thursday, CFO Lindsay Y. Corby bought 4,000 shares of BY, for a cost of $19.00 each, for a total investment of $76,000. Corby was up about 8.5% on the purchase at the high point of today's trading session, with BY trading as high as $20.61 at last check today. Byline Bancorp is trading up about 0.7% on the day Friday. This purchase marks the first one filed by Corby in the past twelve months.
And on Wednesday, Chief Medical Officer Lee F. Phd Allen, M.D. purchased $59,500 worth of Dova Pharmaceuticals (DOVA), purchasing 3,500 shares at a cost of $17.00 a piece. Dova Pharmaceuticals is trading trading flat on the day Friday. Allen, M.D. was up about 38.2% on the purchase at the high point of today's trading session, with DOVA trading as high as $23.50 at last check today.
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