Finally it appears that the precipitous drop in the markets that started this year and has gone on for the better part of the past two months is slowing down. One thing is for sure, insiders and 10% owners at major companies continue to shell out big bucks to buy shares, and despite the recent rally in the indexes, they don’t look they are ready to quit purchasing any time soon.

We cover insider buying every week at 24/7 Wall St., and we like to remind our readers that while insider buying is usually a very positive sign, it is not in of itself a reason to run out and buy a stock. Sometimes insiders and 10% owners have stock purchase plans set up at intervals to add to their holdings. That aside, it still remains a positive indicator.

Here are some of the companies that reported notable insider buying this past week.

Seattle Genetics Inc. (NASDAQ: SGEN) had one of the biggest biopharmaceutical funds buying more shares of its stocks last week. The Baker Brothers purchased a total of 675,922 shares at between $30.39 and $32.69 apiece. The total for that buy was a very impressive $21 million. Earlier in the week the company bought an additional 314,508 shares of this biotechnology company at prices between $29.86 and $30.13 at the cost of $9 million. Seattle Genetics develops and commercializes antibody-based therapies for the treatment of cancer. The stock closed Friday at $32.53.

Summit Midstream Partners L.P. (NYSE: SMLP) is an energy company that saw an insider buying shares, and the company hit our screens every week in back January. A director at Energy Capital Partners bought 441,170 shares of the stock at prices that ranged from $13.12 to $13.99. The total for the trade came to a sizable $6 million. The company focuses on owning, developing and operating midstream energy infrastructure assets, primarily in shale formations in North America. The stock ended the week at $14.94 per share, so it seems a well-timed buy.

Western Refining Inc. (NYSE: WNR) had the executive at the top acquiring stock last week after earnings were posted. The chief executive officer bought a block of 100,000 shares at prices between $26.25 and $27.00. The total for that purchase came to $3 million. Western Refining operates as an independent crude oil refiner and marketer of refined products. The stock closed on Friday at $27.47.

Intra-Cellular Therapies Inc. (NASDAQ: ITCI) had a director at the company buying a 100,000 shares of the company’s stock this past week. The director bought the shares at a price of $29.70. The total for the purchase came in at $3 million. This biopharmaceutical company discovers and develops small molecule drugs for the treatment of neuropsychiatric and neurologic disorders within the central nervous system. The shares closed trading on Friday at $29.27.

NuStar G.P. Holdings LLC (NYSE: NSH) is another energy company that saw buying this past week. A director at the company purchased 63,400 shares of the stock at prices that ranged from $16.32 to $16.72. The total for the trade came in right at $1 million. Through its ownership interests in NuStar Energy, the company engages in the transportation of petroleum products and anhydrous ammonia terminaling and storage of petroleum products and marketing of petroleum products. The shares ended Friday at $18.65, so a well-timed buy indeed.

These companies also reported insider buying this week: Avis Budget Group Inc. (NYSE: CAR), Carbo Ceramics Inc. (NYSE: CRR), Genesis Energy L.P. (NYSE: GEL), Redwood Trust Inc. (NYSE: RWT) and WEX Inc. (NYSE: WEX).

Despite the strong move up in the markets, the insiders continue to buy shares, especially in the beaten-down energy sector. The continued strength in the buying is a positive for the overall financial picture.

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