Although US stocks closed lower on Wednesday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.
- The Trade: BioMarin Pharmaceutical Inc. BMRN Director Mark Alles acquired a total of 3,625 shares an average price of $86.75. To acquire these shares, it cost around $314.47 thousand.
- What’s Happening: Oppenheimer upgraded the stock from Perform to Outperform and raised its price target from $92 to $110.
- What BioMarin Pharmaceutical Does: BioMarin's focus is on rare-disease therapies. Genzyme (now part of Sanofi) markets Aldurazyme through its joint venture with BioMarin, and BioMarin markets Naglazyme, Vimizim, and Brineura independently.
American Assets Trust
- The Trade: American Assets Trust, Inc. AAT Chairman and CEO Ernest Rady acquired a total of 50,000 shares at an average price of $27.60. To acquire these shares, it cost around $1.38 million.
- What’s Happening: American Assets Trust recently posted Q3 FFO of $0.63.
- What American Assets Trust Does: American Assets Trust Inc is a self-administered real estate investment trust based in the United States. The company invests in, operates, and develops retail, office, residential, and mixed-use properties.
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- The Trade: Insmed Incorporated INSM Director Leo Lee bought a total of 45,000 shares at an average price of $17.69. To acquire these shares, it cost around $796.05 thousand.
- What’s Happening: The company recently posted a wider-than-expected quarterly loss.
- What Insmed Does: Insmed Inc is a global biopharmaceutical company transforming the lives of patients with serious and rare diseases.
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