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.
On Friday, Health Sciences Acquisitions Corp (HSAC)'s Chief Executive Officer, Roderick Wong, made a $510,125 buy of HSAC, purchasing 50,000 shares at a cost of $10.20 each. Wong was up about 11.4% on the purchase at the high point of today's trading session, with HSAC trading as high as $11.37 at last check today. Health Sciences Acquisitions Corp is trading up about 2.7% on the day Thursday. Before this latest buy, Wong bought HSAC on 10 other occasions during the past year, for a total cost of $8.42M at an average of $10.26 per share.
And on Monday, Director M. Kathleen Behrens purchased $497,316 worth of IGM Biosciences (NASDAQ:IGMS), purchasing 20,000 shares at a cost of $24.87 a piece. Before this latest buy, Behrens made one other purchase in the past year, buying $1M shares at a cost of $16.00 each. IGM Biosciences is trading up about 7.1% on the day Thursday. Behrens was up about 13.8% on the buy at the high point of today's trading session, with IGMS trading as high as $28.30 in trading on Thursday.
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