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 Akamai Technologies (NASDAQ:AKAM), a filing with the SEC revealed that on Monday, Chief Executive Officer F. Thomson Leighton bought 19,670 shares of AKAM, for a cost of $50.83 each, for a total investment of $999,826. Akamai Technologies is trading up about 0.6% on the day Thursday. Before this latest buy, Leighton purchased AKAM at 6 other times during the past year, for a total investment of $6M at an average of $53.20 per share.
And at Aevi Genomic Medicine (NASDAQ:GNMX), there was insider buying on Tuesday, by CEO Michael F. Cola who bought 119,047 shares for a cost of $1.26 each, for a trade totaling $149,999. Aevi Genomic Medicine is trading up about 3.9% on the day Thursday. So far Cola is in the green, up about 9.5% on their buy based on today's trading high of $1.38.
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