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 Ngm Biopharmaceuticals, a filing with the SEC revealed that on Monday, Director Suzanne Sawochka Hooper purchased 7,000 shares of NGM, for a cost of $16.00 each, for a total investment of $112,000. Hooper was up about 5.1% on the purchase at the high point of today's trading session, with NGM trading as high as $16.81 in trading on Wednesday. Ngm Biopharmaceuticals is trading down about 1.8% on the day Wednesday. This purchase marks the first one filed by Hooper in the past year.
And on Friday, Director W. Clyde Shepherd III purchased $12,000 worth of Fidelity Southern, purchasing 426 shares at a cost of $28.15 a piece. Before this latest buy, Shepherd III bought LION on 5 other occasions during the past twelve months, for a total investment of $35,991 at an average of $25.33 per share. Fidelity Southern is trading up about 0.5% on the day Wednesday. Bargain hunters have the opportunity to snag LION even cheaper than Shepherd III did, with shares changing hands as low as $27.49 at last check today which is 2.3% under Shepherd III's purchase price.
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