U.S. stocks closed higher on Friday; however, notable insider trades caught the attention of investors.
Insider stock purchases can signal confidence in a company or that the stock is undervalued, presenting an opportunity for investors.
Here’s a look at a few recent notable insider purchases and their impact on the market.
Setting Sail with Talos Energy
- The Big Bet: Talos Energy Inc. (TALO) 10% owner Control Empresarial de Capitales S.A. de C.V. purchased 19,658,119 shares at an average price of $11.70, amounting to a hefty $230 million investment.
- Market Activity: Talos Energy recently priced its $351 million upsized underwritten public offering of 30 million common stock.
- What Talos Energy Does: Talos Energy Inc is an independent oil and gas company primarily involved in offshore exploration and production.
PBF Energy Plunges In
- The Trade: PBF Energy Inc. (PBF) 10% owner Control Empresarial de Capitales S.A. de C.V. acquired 500,000 shares at an average price of $41.57, representing a $20.78 million investment.
- Market Impact: Piper Sandler analyst Ryan Todd downgraded PBF Energy from Overweight to Neutral and lowered the price target from $65 to $50.
- What PBF Energy Does: PBF Energy Inc is an independent petroleum refiner and supplier of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States.
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AMREP Weathering the Storm
- The Purchase: AMREP Corporation (AXR) 10% owner Rainey Lancaster bought 7,000 shares at an average price of $21.91, amounting to approximately $153,384.
- What’s Happening: Amrep reported a decline in quarterly sales last month.
- What AMREP Does: Amrep Corp, through its subsidiaries, is engaged in the real estate business.
KalVista Pharmaceuticals’ Prescription
- The Trade: KalVista Pharmaceuticals, Inc. (KALV) 10% owner Nimish Shah acquired 143,605 shares at an average price of $12.55, amounting to an investment of around $1.8 million.
- Market Development: KalVista Pharma announced the publication of first oral factor XIIa data in Frontiers in Pharmacology last month.
- What KalVista Pharmaceuticals Does: KalVista Pharmaceuticals Inc is a pharmaceutical company that focuses on the discovery, development, and commercialization of small molecule protease inhibitors for a range of diseases.
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