Key Insider Buying in Twitter, Level 3, Sears, MBIA and More
Array Biopharma Inc. (NASDAQ: ARRY) had a 10% owner come in and scoop up shares in a big way this past week. Redmile Group bought 1,048,993 shares at prices that ranged from $5.67 to $5.85. That cost the group a hefty $6.1 million. Array shares ended Friday’s trading session at $5.70.
Sears Holdings Corp. (NASDAQ: SHLD) had a well-known investor and executive buying shares last week. Chairman and CEO Eddie Lampert added to his stake in a big way. He bought 277,252 shares of the venerable retailer at prices that fell between $22.10 and $24.39 per share. The total for the buy came to $6.3 million. The stock closed trading Friday at $25.18, so a very well-timed purchase.
Level 3 Communications Inc. (NYSE: LVLT) is another top company that had a 10% owner of the stock adding to a position. Temasek Holdings bought 212,261 shares of the stock at $48.63 apiece. The total for the buy came to $10.3 million. Level 3 is a facilities-based provider of a range of integrated communications services, primarily in North America, Latin America, Europe, the Middle East and Africa. The company provides transport services comprising wavelengths, private lines, transoceanic and dark fiber, as well as related professional services. Shares closed most recently at $48.58.
These companies were also among the many reporting insider buying this past week: MBIA Inc. (NYSE: MBI), Merrimack Pharmaceuticals Inc. (NASDAQ: MACK), Diamond Offshore Drilling Inc. (NYSE: DO), New York Mortgage Trust Inc. (NASDAQ: NYMT) and Twitter Inc. (NASDAQ: TWTR).
This was probably the largest insider buying week we have witnessed all year. Plus, one of the bullish signs was that stocks and sectors that had been beaten down, including energy, saw solid buying across the board. Lastly, the buyers swamped the sellers this week, yet another very positive sign for what many have perceived to be an aging and tired bull market.