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 Thursday, Eloxx Pharmaceuticals' Director, Ran Nussbaum, made a $8M purchase of ELOX, buying 5,925,925 shares at a cost of $1.35 a piece. Eloxx Pharmaceuticals is trading up about 0.7% on the day Monday. This buy marks the first one filed by Nussbaum in the past year.
And at Avis Budget Group, there was insider buying on Wednesday, by Executive Chairman Bernardo Hees who purchased 63,000 shares for a cost of $79.39 each, for a trade totaling $5.00M. Avis Budget Group is trading up about 0.4% on the day Monday. Hees was up about 9.8% on the buy at the high point of today's trading session, with CAR trading as high as $87.19 at last check today.
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