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 dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At MyoKardia (NASDAQ:MYOK), a filing with the SEC revealed that on Friday, CEO Anastasios Gianakakos bought 2,500 shares of MYOK, for a cost of $39.86 each, for a total investment of $99,647. Gianakakos was up about 16.5% on the buy at the high point of today's trading session, with MYOK trading as high as $46.43 at last check today. MyoKardia is trading up about 5.7% on the day Wednesday. This purchase marks the first one filed by Gianakakos in the past year.
And on Monday, Shu Yang Tan purchased $68,942 worth of First Trust High Income Long/Short Fund (NYSE:FSD), purchasing 5,000 shares at a cost of $13.79 each. This buy marks the first one filed by Tan in the past year. First Trust High Income Long/Short Fund is trading off about 0.1% on the day Wednesday. So far Tan is in the green, up about 1.2% on their buy based on today's trading high of $13.96.
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