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 KalVista Pharmaceuticals (NASDAQ:KALV), a filing with the SEC revealed that on Monday, Director Albert Cha purchased 1,058,824 shares of KALV, at a cost of $17.00 each, for a total investment of $18.00M. Bargain hunters are able to pick up KALV at a price even lower than Cha did, with shares trading as low as $16.34 in trading on Thursday which is 3.9% under Cha's purchase price. KalVista Pharmaceuticals is trading up about 2.4% on the day Thursday. This buy marks the first one filed by Cha in the past twelve months.
And at Rigel Pharmaceuticals (NASDAQ:RIGL), there was insider buying on Tuesday, by EVP & Chief Commercial Officer Eldon C. Mayer III who purchased 100,000 shares for a cost of $3.26 each, for a trade totaling $325,550. Before this latest buy, Mayer III made one other purchase in the past year, buying $282,320 shares at a cost of $2.82 each. Rigel Pharmaceuticals is trading up about 1.6% on the day Thursday. Investors can snag RIGL even cheaper than Mayer III did, with shares trading as low as $3.12 at last check today which is 4.2% below Mayer III's purchase price.
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