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 International Flavors & Fragrances, a filing with the SEC revealed that on Monday, Director Paul J. Fribourg purchased 273,500 shares of IFF, for a cost of $74.29 each, for a total investment of $20.32M. International Flavors & Fragrances is trading up about 2.5% on the day Wednesday. Before this latest buy, Fribourg purchased IFF at 2 other times during the past twelve months, for a total cost of $11.97M at an average of $69.64 per share.
And on Tuesday, Chief Executive Officer Kevin Tang bought $12.46M worth of Aurinia Pharmaceuticals, buying 814,606 shares at a cost of $15.29 each. Before this latest buy, Tang purchased AUPH on 2 other occasions during the past year, for a total cost of $26.28M at an average of $11.94 per share. Aurinia Pharmaceuticals is trading up about 3.6% on the day Wednesday. Tang was up about 4.6% on the buy at the high point of today's trading session, with AUPH trading as high as $16.00 at last check today.
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