As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
At Oak Valley Bancorp (NASDAQ:OVLY), a filing with the SEC revealed that on Wednesday, Director Gary Strong bought 1,000 shares of OVLY, at a cost of $27.17 each, for a total investment of $27,170. Investors are able to grab OVLY at a price even lower than Strong did, with shares changing hands as low as $26.13 in trading on Friday which is 3.8% below Strong's purchase price. Oak Valley Bancorp is trading off about 3.1% on the day Friday. Before this latest buy, Strong bought OVLY on 5 other occasions during the past year, for a total investment of $94,200 at an average of $24.47 per share.
And on Monday, Director Joseph C. Scodari bought $25,000 worth of Acurx Pharmaceuticals (NASDAQ:ACXP), buying 24,631 shares at a cost of $1.01 a piece. Acurx Pharmaceuticals is trading up about 3.2% on the day Friday. Investors can pick up ACXP at a price even lower than Scodari did, with the stock trading as low as $0.75 at last check today -- that's 26.0% below Scodari's purchase price.
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