We screen for insider buying every week for our readers. As we have mentioned before, insider buying by top executives, especially at market highs, shows the kind of conviction that investors can feel really good about.
Progenics Pharmaceuticals Inc. (NASDAQ: PGNX) saw a massive buy this week from a 10% owner. Broadfin Capital specializes in biotech stocks and added 1,625,436 shares of Progenics at prices ranging from $4.48 to $44.73. The total purchase amount was close to $7.5 million. Progenics and Salix Pharmaceutical are collaborating on and anticipate FDA approval for Relistor, which is used for the treatment of opioid-induced constipation. The shares were trading at Friday’s close at $5.08.
General Electric Co. (NYSE: GE) has not really participated in the long rally, and some insider buying may signal that things are turning around. A director bought 10,000 shares of stock this week at $26.01, for a total of about $260,000. That is a very positive sign for investors. GE closed Friday at $25.79 a share.
ALSO READ: Key Insider Stock Selling This Week
Pizza Inn Holdings Inc. (NASDAQ: PZZI) stock shot up this past week, and the chief financial officer of the company bought 16,700 shares at $6.13, a buy worth close to $100,000. The company has seen solid success with its fast casual Pie Five pizza stores. Shares ended the week at $7.45.
KeyCorp (NYSE: KEY) is a top regional bank that is well liked by some of the Wall Street firms that we cover. A director at the company bought 9,000 shares of stock this week at $13.58 per share, for a total close to $100,000. The stock was traded at the close on Friday just above that figure at $13.86.
BIOLASE Inc. (NASDAQ: BIOL) saw a 10% owner come in to the market a make a huge buy this week. Oracle Partners bought 2.3 million share of stock at a price of $1.92, for a total of almost $4.4 million. The shares were part of a 6.25 million share private placement the company did this past week to raise needed capital. The stock was trading late Friday at $2.28, so the placement worked well.
Colfax Corp. (NYSE: CFX) saw a director buy 7,500 shares on a week when the stock got hit hard after an earnings miss. The director bought the shares at a price of $67.33 for a total close to $500,000. A personal buy of that size represents some conviction in the stock going forward. Colfax shares ended the week at $68.67.
This week saw some strong buying in stocks that missed earnings, have not participated in the big market rally and may be close to an FDA approval. This type of buying should make any of our readers that own these companies very positive about the future. It also may be a good time to research them for possible buying.
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