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 Constellation Pharmaceuticals (CNST), a filing with the SEC revealed that on Friday, Director Anthony B. Evnin purchased 400,000 shares of CNST, for a cost of $34.50 each, for a total investment of $13.8M. Evnin was up about 35.8% on the purchase at the high point of today's trading session, with CNST trading as high as $46.86 in trading on Tuesday. Constellation Pharmaceuticals is trading off about 0.1% on the day Tuesday. Before this latest buy, Evnin made one other purchase in the past twelve months, buying $24M shares for a cost of $8.50 a piece.
And at PBF Energy Inc (NYSE:PBF), there was insider buying on Friday, by Carso, S.A. de C.V. Inversora who purchased 201,045 shares for a cost of $29.84 each, for a trade totaling $6M. Before this latest buy, Inversora purchased PBF on 18 other occasions during the past year, for a total cost of $194.39M at an average of $27.42 per share. PBF Energy Inc is trading up about 1.5% on the day Tuesday. Inversora was up about 4.8% on the purchase at the high point of today's trading session, with PBF trading as high as $31.26 in trading on Tuesday.
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