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.
At Epizyme (NASDAQ:EPZM), a filing with the SEC revealed that on Friday, Director David M. Mott bought 416,667 shares of EPZM, at a cost of $9.00 each, for a total investment of $3.75M. Mott was up about 8.6% on the purchase at the high point of today's trading session, with EPZM trading as high as $9.77 at last check today. Epizyme is trading up about 5.7% on the day Monday.
And on Thursday, Executive Chairman Alan D. Gold bought $2.7M worth of Innovative Industrial Properties (NYSE:IIPR), buying 67,500 shares at a cost of $40.00 a piece. Before this latest buy, Gold purchased IIPR at 3 other times during the past year, for a total cost of $14,612 at an average of $36.53 per share. Innovative Industrial Properties is trading up about 3.4% on the day Monday. So far Gold is in the green, up about 11.4% on their buy based on today's trading high of $44.56.
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