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 Corindus Vascular Robotics (AMEX:CVRS), a filing with the SEC revealed that on Tuesday, Director Louis A. Cannon bought 573,798 shares of CVRS, for a cost of $1.38 each, for a total investment of $791,612. Cannon was up about 19.6% on the buy at the high point of today's trading session, with CVRS trading as high as $1.65 in trading on Thursday. Corindus Vascular Robotics is trading up about 4.5% on the day Thursday. Before this latest buy, Cannon purchased CVRS at 5 other times during the past twelve months, for a total cost of $108,058 at an average of $0.95 per share.
And at PBF Energy (NYSE:PBF), there was insider buying on Monday, by Chief Executive Officer Thomas J. Nimbley who bought 25,000 shares for a cost of $30.03 each, for a total investment of $750,750. PBF Energy is trading up about 1.7% on the day Thursday. So far Nimbley is in the green, up about 5.6% on their purchase based on today's trading high of $31.70.
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