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.
At Corcept Therapeutics, a filing with the SEC revealed that on Wednesday, Director G. Leonard Baker Jr. purchased 179,686 shares of CORT, at a cost of $12.48 each, for a total investment of $2.24M. So far Baker Jr. is in the green, up about 8.2% on their buy based on today's trading high of $13.50. Corcept Therapeutics is trading up about 1.8% on the day Friday. This purchase marks the first one filed by Baker Jr. in the past year.
And at Cannae Holdings, there was insider buying on Wednesday, by Director Richard N. Massey who bought 39,000 shares for a cost of $18.70 each, for a trade totaling $729,261. This buy marks the first one filed by Massey in the past twelve months. Cannae Holdings is trading down about 0.4% on the day Friday. Massey was up about 4.0% on the purchase at the high point of today's trading session, with CNNE trading as high as $19.45 in trading on Friday.
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