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, Hartford Financial Services Group's CEO, Christopher Swift, made a $499,528 purchase of HIG, buying 11,423 shares at a cost of $43.73 a piece. Swift was up about 1.5% on the buy at the high point of today's trading session, with HIG trading as high as $44.38 in trading on Friday. Hartford Financial Services Group is trading down about 0.4% on the day Friday.
And on Wednesday, Chief Operating Officer Jennifer Carver purchased $30,825 worth of La Jolla Pharmaceutical, purchasing 5,000 shares at a cost of $6.17 a piece. Before this latest buy, Carver purchased LJPC on 2 other occasions during the past twelve months, for a total investment of $53,370 at an average of $26.69 per share. La Jolla Pharmaceutical is trading up about 1.3% on the day Friday.
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