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 iMedia Brands, a filing with the SEC revealed that on Friday, Director Eyal Lalo bought 256,000 shares of IMBI, for a cost of $6.25 each, for a total investment of $1.6M. Lalo was up about 16.2% on the purchase at the high point of today's trading session, with IMBI trading as high as $7.26 in trading on Wednesday. iMedia Brands is trading up about 3.1% on the day Wednesday. Before this latest buy, Lalo made one other buy in the past year, purchasing $1.41M shares at a cost of $2.04 a piece.
And on Monday, Director David E. I. Pyott purchased $1.00M worth of BioMarin Pharmaceutical, purchasing 12,800 shares at a cost of $78.26 a piece. This purchase marks the first one filed by Pyott in the past year. BioMarin Pharmaceutical is trading up about 2.2% on the day Wednesday. Investors can pick up BMRN at a price even lower than Pyott did, with shares trading as low as $76.12 at last check today which is 2.7% under Pyott's purchase price.
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