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 Monday, CASI Pharmaceuticals' CEO, Wei-wu He, made a $488,239 buy of CASI, purchasing 227,471 shares at a cost of $2.15 each. He was up about 38.4% on the buy at the high point of today's trading session, with CASI trading as high as $2.97 in trading on Wednesday. CASI Pharmaceuticals, is trading up about 10.9% on the day Wednesday. Before this latest buy, He bought CASI at 4 other times during the past twelve months, for a total investment of $10.5M at an average of $1.85 per share.
And also on Monday, Chief Executive Officer Raj Kannan purchased $480,492 worth of Chiasma, purchasing 120,000 shares at a cost of $4.00 a piece. Before this latest buy, Kannan made one other buy in the past year, purchasing $42,000 shares at a cost of $4.20 each. Chiasma is trading up about 9.8% on the day Wednesday. Kannan was up about 12.6% on the buy at the high point of today's trading session, with CHMA trading as high as $4.51 in trading on Wednesday.
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