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 Infinity Pharmaceuticals (NASDAQ:INFI), a filing with the SEC revealed that on Wednesday, President Lawrence E. Bloch purchased 500,000 shares of INFI, for a cost of $1.81 each, for a total investment of $905,000. Infinity Pharmaceuticals is trading up about 9.9% on the day Thursday.
And also on Wednesday, CEO M. Jay Allison purchased $783,667 worth of Comstock Resources (NYSE:CRK), purchasing 120,000 shares at a cost of $6.53 a piece. Comstock Resources is trading up about 0.3% on the day Thursday. Allison was up about 5.0% on the purchase at the high point of today's trading session, with CRK trading as high as $6.86 at last check today.
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