4 Stocks Insiders Are Buying

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.

Incyte

• The Trade: Incyte Corporation INCY Director Julian Baker acquired a total of 1595519 shares at an average price of $72.43. To acquire these shares, it cost $115,558,899.97.
• What’s Happening: The FDA accepted for review Incyte’s supplemental marketing application seeking approval for ruxolitinib cream 1.5% (Opzelura), a topical JAK inhibitor for vitiligo..
• What Incyte Does: Incyte focuses on the discovery and development of small-molecule drugs.

Global Water Resources

• The Trade: Global Water Resources, Inc. GWRS Director Andrew Cohn acquired a total of 10000 shares at an average price of $16.19. To acquire these shares, it cost $161,931.00.
• What’s Happening: Global Water Resources recently reported Letter of Intent to buy Farmers Water Co. in Pima County, Arizona.
• What Global Water Resources Does: Global Water Resources Inc operates as a water resource management company that owns, operates, and manages water, wastewater, and recycled water utilities in strategically located communities, principally in metropolitan Phoenix, Arizona. It offers the Total Water Management integrated approach for water conservation.

Medtronic

• The Trade: Medtronic plc MDT Director Richard Anderson bought a total of 5010 shares at an average price of $103.26. To acquire these shares, it cost $517,332.60.
• What’s Happening: JP Morgan downgraded Medtronic from Overweight to Neutral and lowered the price target from $130 to $105.
• What Medtronic Does: One of the largest medical device companies, Medtronic develops and manufactures therapeutic medical devices for chronic diseases.

Perrigo Company

• The Trade: Perrigo Company plc PRGO Director Geoffrey Parker bought a total of 5000 shares at an average price of $36.85. The insider spent $184,270.00 to buy those shares.
• What’s Happening: Perrigo, last month, announced voluntary delisting from the Tel Aviv Stock Exchange.
• What Perrigo Does: Perrigo is the leading provider of over-the-counter generic drugs with over 100 global locations. The company was formed in 1887 as a packager of home remedies and has grown with the migration of prescriptions switching to OTC and later with strategic acquisitions.