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 Thursday, Entercom Communications's Chairman Emeritus, Joseph M. Field, made a $1.40M purchase of ETM, buying 140,500 shares at a cost of $9.98 each. Field was up about 7.7% on the purchase at the high point of today's trading session, with ETM trading as high as $10.75 at last check today. Entercom Communications is trading up about 3.1% on the day Monday. Before this latest buy, Field purchased ETM at 16 other times during the past year, for a total cost of $33.76M at an average of $9.99 per share.
And at Incyte, there was insider buying on Wednesday, by Chairman / CEO Herve Hoppenot who bought 15,000 shares for a cost of $60.94 each, for a trade totaling $914,100. This buy marks the first one filed by Hoppenot in the past year. Incyte is trading up about 1.9% on the day Monday. Hoppenot was up about 4.8% on the purchase at the high point of today's trading session, with INCY trading as high as $63.85 at last check today.
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