Although US stocks ended mostly lower on Tuesday, there was some notable insider trading.
When insiders buy stock, it shows they have confidence in the company’s prospects or that they see the stock as a bargain. Either way, it signals an opportunity to go long the stock. Insider buying should not be taken as the sole indicator of an investment or trading decision. At best, it can convince a purchase decision.
Below is a look at some notable recent insider purchases. For more information, see Benzinga insider trading Platform.
EOG resources
- The trade: EOG Resources, Inc. EOG Director Michael T Kerr acquired a total of 20,000 shares an average price of $130.49. The purchase of these shares cost around 2.61 million US dollars.
- What’s up: Barclays recently maintained an overweight stance on EOG Resources, lowering its price target to $153 from $163.
- What EOG Resources does: EOG Resources is an oil and gas producer with acreage in several US shale districts including the Permian Basin, Eagle Ford and Bakken.
Merrimack Pharmaceuticals
- The trade: Merrimack Pharmaceuticals, Inc. MACK 10% owner Ledo Capital LLC acquired a total of 100,000 shares an average price of $11.90. The acquisition of these shares cost around 1.19 million US dollars.
- What’s up: Merrimack Pharmaceuticals’ partner, Ipsen, recently reported that Onivyde met its primary and key secondary endpoint. Merrimack is eligible for up to $450 million in milestone payments for the treatment of pancreatic cancer.
- What Merrimack Pharmaceuticals does: Merrimack Pharmaceuticals Inc is a biotechnology company that discovers, develops and commercializes innovative medicines consisting of novel therapeutics combined with diagnostics to treat cancer.
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- The trade: NGM Biopharmaceuticals, Inc. NGM Director David Goeddel V bought a total of 5,378 shares on average…
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