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 Wednesday, Clene's , David J. Matlin, made a $2.9M buy of CLNN, purchasing 2,871,287 shares at a cost of $1.01 a piece. Matlin was up about 24.8% on the buy at the high point of today's trading session, with CLNN trading as high as $1.26 in trading on Thursday. Clene is trading up about 8.6% on the day Thursday. Before this latest buy, Matlin bought CLNN on 11 other occasions during the past year, for a total cost of $2.69M at an average of $2.82 per share.
And on Monday, Director Mark J. Alles bought $314,469 worth of BioMarin Pharmaceutical, buying 3,625 shares at a cost of $86.75 each. BioMarin Pharmaceutical is trading up about 0.9% on the day Thursday. Bargain hunters can grab BMRN even cheaper than Alles did, with shares trading as low as $83.75 at last check today which is 3.5% under Alles's purchase price.
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