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.
On Friday, Editas Medicine's Director, James C. Mullen, made a $380,252 purchase of EDIT, buying 10,000 shares at a cost of $38.03 each. Investors can grab EDIT even cheaper than Mullen did, with the stock trading as low as $34.09 in trading on Wednesday which is 10.3% below Mullen's purchase price. Editas Medicine is trading up about 5% on the day Wednesday. This purchase marks the first one filed by Mullen in the past year.
And on Monday, Director Ronald Kennedy bought $361,176 worth of PetIQ, buying 20,200 shares at a cost of $17.88 a piece. This purchase marks the first one filed by Kennedy in the past twelve months. PetIQ is trading up about 4.2% on the day Wednesday. Kennedy was up about 10.9% on the purchase at the high point of today's trading session, with PETQ trading as high as $19.82 at last check today.
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