As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
On Wednesday, Sorrento Therapeutics (NASDAQ:SRNE)'s George K. Ng, made a $895,500 buy of SRNE, purchasing 90,000 shares at a cost of $9.95 a piece. Sorrento Therapeutics is trading up about 1.5% on the day Thursday. This purchase marks the first one filed by Ng in the past year.
And also on Wednesday, Director William J. McAdam bought $227,250 worth of SemGroup Corp (NYSE:SEMG), buying 10,000 shares at a cost of $22.73 a piece. Before this latest buy, McAdam bought SEMG on 2 other occasions during the past year, for a total cost of $589,200 at an average of $29.46 per share. SemGroup Corp is trading off about 0.7% on the day Thursday. Bargain hunters are able to grab SEMG even cheaper than McAdam did, with shares trading as low as $21.85 in trading on Thursday -- that's 3.9% below McAdam's purchase price.
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