One of the best ways to spot potential opportunities is by paying close attention to insider buying stocks. After all, it’s the insiders, such as the CEOs, CFOs and directors, that know their company the best. And if they’re buying, you may want to consider taking their lead.
We also have to remember that insiders wouldn’t put their money where their mouth is unless they had reason to believe the stock was moving higher. That being said, here are just a few of the top insider buying stocks to buy and hold today.
Iovance Biotherapeutics (IOVA)
Over the last few days, shares of Iovance Biotherapeutics (NASDAQ:IOVA) ran from about $8.80 to a high of nearly $17 a share. All after the U.S. Food and Drug Administration granted the company accelerated approval for its metastatic melanoma treatment, Amtagvi. It is the “first and the only one-time, individualized T cell therapy” to receive approval for a solid tumor cancer.
Even better, two insiders just bought millions of shares. Director Wayne Rothbaum, for example, just bought five million shares for about $45.75 million. Director Merrill McPeak also bought 250,000 shares for just over $2.287 million.
Helping, Wells Fargo just raised its price target to $22 from $17. Piper Sandler raised its price target to $18. H.C. Wainwright even raised even raised its target price to $32. In addition, according to Global Data, the treatment could see $846 million in sales by 2024, with “blockbuster potential by 2030.”
Agree Realty (ADC)
Another one of the top insider buying stocks is Agree Realty (NYSE:ADC), a real estate investment trust (REIT) that yields 5.15% at the moment.
In February, CEO Joey Agree bought 2,000 shares for $115,120 on the 15th, and another 3,500 shares on the 21st for $199,219. Director John Rakolta Jr. bought 20,430 shares on the 16th for $1.16 million, and another 20,102 shares on the 21st for $1.14 million.
Even better, after slipping from about $63 a share to $56, the stock appears to have caught strong support, and is just starting to pivot higher. From its last traded price of $57.51, I’d like to see ADC ally back to $63 near term.
Intel (INTC)
Intel (NASDAQ:INTC) CEO Pat Gelsinger just bought 3,000 shares at an average price of $43.36 each for about $131,100. He bought another 2,800 shares on Feb. 1 for $119.671.
After catching support dating back to December, the tech giant is also starting to pivot higher from over-extensions. From its current price of $43.50, I’d like to see INTC initially refill its bearish gap around $50. Then, if it can break above strong resistance around $51.13, I’d eventually like to see it refill its 2021 gap, too.
Helping, INTC is in talks to receive $10 billion in Chips Act incentives from the Biden Administration. According to Seeking Alpha, The Wall Street Journal said at the time the subsidies were expected to be announced before Biden’s State of the Union speech on March 7. Although, a separate Bloomberg report indicated the timing may be the end of March.
On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
