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 Tuesday, Piedmont Lithium's , Jeffrey T. Armstrong, made a $109,438 buy of PLL, purchasing 2,500 shares at a cost of $43.78 a piece. So far Armstrong is in the green, up about 6.2% on their purchase based on today's trading high of $46.49. Piedmont Lithium is trading off about 0.3% on the day Thursday. Before this latest buy, Armstrong bought PLL at 3 other times during the past twelve months, for a total cost of $426,769 at an average of $56.90 per share.
And at Merrimack Pharmaceuticals, there was insider buying on Monday, by Director Ulrik B. Nielsen who purchased 14,287 shares for a cost of $4.24 each, for a total investment of $60,630. This purchase marks the first one filed by Nielsen in the past twelve months. Merrimack Pharmaceuticals is trading off about 2.3% on the day Thursday. Nielsen was up about 22.1% on the buy at the high point of today's trading session, with MACK trading as high as $5.18 in trading on Thursday.
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