Investing
Gigantic Biotech Trade Highlights Insider Buying: Seattle Genetics, Bank of New York Mellon, Prospect Capital and More
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Maybe, just maybe, investors are starting to see the light at the end of the tunnel, and it’s not the selling train that has run shareholders over since the start of 2016. Despite a slew of bearish voices howling that recession is all but here, the markets finally firmed some and the indexes lifted this week. One thing is for sure, the insiders were very busy buying stock this past week.
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) saw one of the biggest biopharmaceutical funds buying more shares of the stock this past week. The Baker Brothers added a total of 1,001,471 shares of the company at prices that fell between $29.20 and $30.21. The total for the buy was a very impressive $30 million. Seattle Genetics is a biotechnology company that develops and commercializes antibody-based therapies for the treatment of cancer. The stock closed Friday at $31.01.
Bank of New York Mellon Corp. (NYSE: BK) had a 10% owner of the company buying more shares this week. Trian Partners scooped up a total of 891,190 shares of the company at $35.10 per share. The total for the buy came to a robust $31 million. Bank of New York Mellon, an investment company, provides financial products and services to institutions, corporations and high net worth individuals in the United States and internationally. The stock closed Friday at $36.12.
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