Top Biotech Fund Continues Huge Insider Buying: Seattle Genetics, TransDigm, JC Penney and More
March 13, 2016 by Lee JacksonThe roller-coaster market ride continued this past week, but that didn’t stop insiders from continuing to buy shares. With first-quarter earnings reporting now just three short weeks away, the window for many insiders to make transactions may be starting to close. While the buying wasn’t as prolific as what we saw when the market was getting pummeled in January and February, it remains consistent.
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 and 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 the stock again this past week. The Baker Brothers acquired 349,323 shares of the company at prices between $32.36 and $33.69 apiece. The total for that buy was a very impressive $11 million. This biotechnology company develops and commercializes antibody-based therapies for the treatment of cancer. The stock closed Friday at $33.36.