This article presents an overview of 5 Stocks With Heavy Insider Buying In 2024. For a detailed overview of such stocks, read our article, 14 Stocks With Heavy Insider Buying In 2024.
5. Helix Acquisition Corp II (NASDAQ:HLXB)
Number of Hedge Fund Investors: 30
Helix Acquisition Corp II (NASDAQ:HLXB) CEO Bihua Chen bought 2.4 million shares of the SPAC at $10 per share on February 13. Since then the stock has gained about 0.77%.
4. Iovance Biotherapeutics, Inc (NASDAQ:IOVA)
Number of Hedge Fund Investors: 34
Wayne Rothbaum is a board member at California-based Iovance Biotherapeutics, Inc (NASDAQ:IOVA). Rothbaum on February 20 purchased 5,000,000 shares of Iovance Biotherapeutics, Inc (NASDAQ:IOVA) at $9.15 per share. On February 20 the stock was trading at $12.03 while as of market close on February 27 the stock price was trading at $17.47. This shows a stock gain of about 45%. The stock jumped after the FDA gave an accelerated approval for the company’s T-cell immunotherapy lifileucel, also known as Amtagvi, in the treatment of advanced melanoma. Iovance Biotherapeutics, Inc (NASDAQ:IOVA) said it was conducting a Phase 3 confirmatory trial called TILVANCE-301 to confirm clinical benefit.
Aristotle Large Cap Growth Strategy made the following comment about Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) in its Q3 2023 investor letter:
“We sold Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) following uncertainty which arose from the company canceling out of two investor events. Iovance is in the late stages of FDA review on their lead candidate Lifileucel in advanced melanoma. These cancellations could stem from issues with site inspections which tend to take place later in the review cycle. The company has not commented on why it canceled these investor events, and we do not think this bodes well for the prospects of a straightforward approval with a clean, positive label for the company.”
3. Instacart (NASDAQ:CART)
Number of Hedge Fund Investors: 38
Grocery delivery company Instacart (NASDAQ:CART) ranks third in our list of the stocks with heavy insider buying activity in 2024. Ravi Gupta, a director at the ecommerce company, on February 20 amassed a whopping 2 million shares of Instacart (NASDAQ:CART) at $28.54. As of February 27 market close the stock was trading at $31.56. Since February 20 the stock has gained about 13.93% through February 27.
As of the end of the fourth quarter of 2023, 38 hedge funds out of the 933 funds in Insider Monkey’s database had stakes in Instacart (NASDAQ:CART).
2. Gates Industrial Corp PLC (NYSE:GTES)
Number of Hedge Fund Investors: 38
Neil P. Simpkins, a board director at power transmission solutions company Gates Industrial Corp PLC (NYSE:GTES), bought 1,000,000 shares of Gates Industrial Corp PLC (NYSE:GTES) at $12.20 per share on February 16. The total dollar value of this transaction was $12.2 million. On the same day, Gates Industrial Corp PLC’s (NYSE:GTES) CEO Ivo Jurek also bought 20,492 shares of Gates Industrial Corp PLC (NYSE:GTES) at $12.20.
As of the end of the fourth quarter of 2023, 38 hedge funds out of the 933 funds tracked by Insider Monkey had stakes in Gates Industrial Corp PLC (NYSE:GTES). The biggest stakeholder of Gates Industrial Corp PLC (NYSE:GTES) during this period was Cliff Asness‘s AQR Capital Management which had a $105 million stake.
1. Aon PLC (NYSE:AON)
Number of Hedge Fund Investors: 57
British-American professional services and management consulting company Aon PLC (NYSE:AON) ranks first in our list of the stocks with heavy insider buying in 2024. Lester B. Knight, who is part of Aon PLC’s (NYSE:AON) board of directors, bought 50,000 shares of Aon PLC (NYSE:AON) on February 9 at $301.97 per share. Aon PLC (NYSE:AON) shares were trading at around $312.56 while as of February 27 market close the stock price was $315.59. This shows an increase of about 0.97% in stock price.
As of the end of the fourth quarter of 2023, Warren Buffett’s Berkshire had a $1.2 billion stake in Aon PLC (NYSE:AON).
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