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 Monday, 9 Meters Biopharma's Chief Financial Officer, Edward J. Sitar, made a $50,000 buy of NMTR, purchasing 50,000 shares at a cost of $1.00 a piece. So far Sitar is in the green, up about 24.0% on their purchase based on today's trading high of $1.24. 9 Meters Biopharma is trading down about 3.2% on the day Thursday. This buy marks the first one filed by Sitar in the past twelve months.
And on Wednesday, Scott C. Caraher purchased $47,900 worth of Nuveen Floating Rate Income Opportunity Fund, purchasing 5,000 shares at a cost of $9.58 a piece. Nuveen Floating Rate Income Opportunity Fund is trading up about 0.2% on the day Thursday. So far Caraher is in the green, up about 0.2% on their buy based on today's trading high of $9.60.
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