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 Innoviva, a filing with the SEC revealed that on Monday, Director George Bickerstaff bought 20,000 shares of INVA, for a cost of $13.21 each, for a total investment of $264,289. Bickerstaff was up about 3.1% on the buy at the high point of today's trading session, with INVA trading as high as $13.62 in trading on Wednesday. Innoviva is trading up about 4.4% on the day Wednesday.
And at Apollo Global Management, there was insider buying on Monday, by Director A. B. Krongard who purchased 2,135 shares for a cost of $57.37 each, for a trade totaling $122,489. This buy marks the first one filed by Krongard in the past twelve months. Apollo Global Management is trading up about 0.6% on the day Wednesday. Investors can snag APO even cheaper than Krongard did, with shares changing hands as low as $56.46 at last check today -- that's 1.6% below Krongard's purchase price.
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