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.
On Friday, Relmada Therapeutics (NASDAQ:RLMD)'s Director, Paul Edward Kelly, made a $95,685 buy of RLMD, purchasing 5,000 shares at a cost of $19.14 a piece. Kelly was up about 66.7% on the purchase at the high point of today's trading session, with RLMD trading as high as $31.90 in trading on Tuesday. Relmada Therapeutics is trading off about 13.4% on the day Tuesday.
And at Oil-Dri Corp. of America (NYSE:ODC), there was insider buying on Thursday, by Director Allan H. Selig who bought 1,000 shares for a cost of $33.82 each, for a total investment of $33,820. Before this latest buy, Selig made one other buy in the past year, purchasing $25,900 shares for a cost of $25.90 a piece. Oil-Dri Corp. of America is trading off about 1.7% on the day Tuesday.
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