14 Stocks With Heavy Insider Buying In 2024

Published on February 29, 2024 at 3:02 am by Fahad Saleem in Insider Trading, News

In this article, we will take a detailed look at 14 Stocks With Heavy Insider Buying In 2024.

Markets await latest inflation numbers and the debate regarding soft vs hard landing is expected to persist in the Wall Street for months to come. But market experts are saying it with more and more clarity that we might not face recession this year as investors are starting put money in equities. A latest report by Morgan Stanley says that historical data shows that investors begin to put money into the stock market about one year after the bear market bottoms. In October 2022 the most recent bear market bottomed and according to data shared by Morgan Stanley, inflows in the stock market started in November 2023, showing that investors were ready to pullback from money market funds and invest in riskier asset classes.

Morgan Stanley talked about another reason why it’s bullish on the stock market. It’s the election year and Morgan Stanley says whenever a US President is running for a re-election, the stock market gains. This is based on data since 1944.

“It hasn’t mattered whether the incumbent won—just that there was an incumbent on the ballot. The average one-year return for U.S. equities in those years is 16%, spanning every one of the past 13 instances in which a president was seeking reelection. This makes sense, because presidents can pull levers to help boost the economy, at least over the short term. President Joe Biden certainly has, with spending under the Infrastructure Investment and Jobs Act, the CHIPS Act and the Inflation Reduction Act. As a result, the economy may stay stronger than many people expect.”

In this environment it would be interesting to see which stocks corporate insiders were piling into this year.

Methodology

For this article we used Insider Monkey’s insider trading stock screener and picked 14 stocks with heavy insider buying activity in 2024. We only chose stocks that saw insider buying from directors, officers or executives. Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here).

Stocks With Heavy Insider Buying In 2024

Photo by Austin Distel on Unsplash

14. Sable Offshore Corp (NYSE:SOC)

Number of Hedge Fund Investors: N/A

Oil and gas exploration company Sable Offshore Corp (NYSE:SOC) is one of the stocks that saw heavy insider buying activity so far in 2024. Christopher Binyon Sarofim, a director and 10% stake owner at Sable Offshore Corp (NYSE:SOC), on February 14 bought 6 million shares of Sable Offshore Corp (NYSE:SOC) at $10 per share. The stock was trading at around $12.38 as of market close on February 27. Since February 14 through February 27 the stock has gained about 2.3%.

13. Voxx International Corp (NASDAQ:VOXX)

Number of Hedge Fund Investors: 4

Florida-based consumer electronics company Voxx International Corp (NASDAQ:VOXX) board director Steven R Downing in January 2024 initiated three insider purchase transactions for company shares. On January 5, Downing bought 1,568,750 shares of Voxx International Corp (NASDAQ:VOXX) at $10 per share. The same day in another separate transaction the director bought another 1,568,750 shares at the same price. On January 5 Voxx International Corp (NASDAQ:VOXX) stock was trading at around $9.51 while as of February 27 market close the stock price was $8.96. This shows a decrease of 6% in stock price.

The company talked about important business updates during an earnings call in January:

“We expect inventories to continue to decline as we move through the fourth and first quarters. Total debt stood at $48.6 million as compared to $39.2 million as of February 28. The increase of $9.4 million relates to $10 million increase in our borrowings associated with our domestic credit line, partially offset by a $400,000 decline to Florida mortgage and a $200,000 decline in the amount owed on the shareholder loan, payable to Sharp as part of our joint venture. Total long-term debt, net of debt issuance costs was $47.1 million as it compared to $37.5 million as of February 28. As noted, the increase in total debt relates to the increase in our borrowings. This is typical during the third quarter as our sales and receivables increased — than normally collected during the fourth quarter.

This will be the case. During the fourth quarter, we’ll be using our credit facility to support the final arbitration settlement, which was announced earlier this month. As reported, we entered into a settlement agreement and mutual release with Seaguard with an effective date of today, January 10. We have agreed to pay Seaguard $42 million in total, of which a payment of $10 million was already on December 27 and the final payment of $32 million will be made today. While we’re not happy with the rules (ph), we feel it is our best interest as well as our shareholders to move forward and focus on our business and stop accruing interest and legal fees, which continue to mount. With the banking relationships in place, and the cash availability we have, the payment will be made, and we have sufficient working capital to fund our business moving forward.”

Read the full earnings call transcript here.

12. PepGen Inc (NASDAQ:PEPG)

Number of Hedge Fund Investors: 7

Ra Capital Management, L.P., which has a director status at clinical-stage biotechnology company PepGen Inc (NASDAQ:PEPG), bought 2,557,593 shares of PepGen Inc (NASDAQ:PEPG) at $10.64 on February 9. The stock has gained about 4.8% since then.

11. Solid Biosciences Inc. (NASDAQ:SLDB)

Number of Hedge Fund Investors: 10

Perceptive Advisors LLC, which has a director status at Solid Biosciences Inc. (NASDAQ:SLDB), bought 3,410,713 shares of the Massachusetts-based life sciences company at $5.53 per share on January 11. At that time the stock was trading at around at $7.70 while as of the market close of February 27 Solid Biosciences Inc. (NASDAQ:SLDB) shares were trading at $10.08. That means Solid Biosciences Inc. (NASDAQ:SLDB) shares have gained about 30% since Perceptive Advisors LLC insider purchase.

10. Tenaya Therapeutics, Inc.(NASDAQ:TNYA)

Number of Hedge Fund Investors: 14

Tenaya Therapeutics, Inc.(NASDAQ:TNYA) ranks tenth in our list of the stocks with heavy insider buying activity in 2024. David Goeddel, who is a board director and 10% stake owner at Tenaya Therapeutics, Inc.(NASDAQ:TNYA), bought 22,999,565 shares of Tenaya Therapeutics, Inc.(NASDAQ:TNYA) at $4.50 per share. The total value of this transaction was $9.99 million. As of February 28 the stock was trading at $5.84.

The stock recently jumped after Tenaya Therapeutics, Inc.(NASDAQ:TNYA) said it priced its underwritten offering of 8.89 million shares at $4.50 apiece.

9. Sana Biotechnology, Inc. (NASDAQ:SANA)

Number of Hedge Fund Investors: 15

Washington-based Sana Biotechnology, Inc. (NASDAQ:SANA) ranks ninth in our list of the stocks with heavy insider buying activity in 2024. Robert Nelsen, a board director and 10% stake owner in Sana Biotechnology, Inc. (NASDAQ:SANA), on February 8 bought 1.82 million shares in Sana Biotechnology, Inc. (NASDAQ:SANA) at $5.50 per share. The total value of this transaction was $9.99 million. As of February 28 the stock was trading at $9.94. Over the past one month Sana Biotechnology, Inc. (NASDAQ:SANA) shares have gained about 66%.

Earlier this month Sana Biotechnology, Inc. (NASDAQ:SANA) priced an upsized public offering of about 17.27 million shares at a price to the public of $5.50 per share.

8. Prime Medicine Inc (NASDAQ:PRME)

Number of Hedge Fund Investors: 16

Massachusetts-based Prime Medicine Inc (NASDAQ:PRME) ranks eighth in our list of the stocks with heavy insider buying activity in 2024. On February 15, Robert Nelsen, a board member at Prime Medicine Inc (NASDAQ:PRME), bought 3.2 million shares of Prime Medicine Inc (NASDAQ:PRME) at $6.25. Since February 15 the stock has gained about 20.38%.

7. Dyne Therapeutics Inc (NASDAQ:DYN)

Number of Hedge Fund Investors: 19

Dirk Kersten is a director and 10% stake owner at Dyne Therapeutics Inc (NASDAQ:DYN). Kersten loaded up on 1,428,571 shares of Dyne Therapeutics Inc (NASDAQ:DYN) at $17.50 per share on January 11. Since then the stock has jumped by about 43%.

Most of these stock gains came last month after a Bloomberg report said the company was evaluating options after receiving takeover interest. On January 4 the stock jumped after the company posted initial data from two Phase 1/2 trials for its muscle disorder candidates DYNE-101 and DYNE-251 in myotonic dystrophy type 1 (DM1) and Duchenne muscular dystrophy (DMD), respectively. The stock jumped 31% after this data.

6. Astria Therapeutics Inc (NASDAQ:ATXS)

Number of Hedge Fund Investors: 19

Astria Therapeutics Inc (NASDAQ:ATXS) is one of the stocks with notable insider buying activity in 2024 so far. On February 1, Perceptive Advisors LLC, with a director status at Astria Therapeutics Inc (NASDAQ:ATXS), bought 2,481,350 shares of Astria Therapeutics Inc (NASDAQ:ATXS) at $12.09. Since February 1 the stock has gained about 3.09%.

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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