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14 Stocks With Heavy Insider Buying In 2024

In this article, we will take a detailed look at 14 Stocks With Heavy Insider Buying In 2024. For a quick overview of such stocks, read our article 5 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).

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%.

Click to continue reading and see 5 Stocks With Heavy Insider Buying In 2024.

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Disclosure. None. 14 Stocks With Heavy Insider Buying In 2024 is originally published on Insider Monkey.

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

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AI is eating the world—and the machines behind it are ravenous.

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Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and building the digital future. But there’s one urgent question few are asking:

Where will all of that energy come from?

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Elon Musk was even more blunt:

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One little-known company—almost entirely overlooked by most AI investors—could be the ultimate backdoor play. It’s not a chipmaker. It’s not a cloud platform. But it might be the most important AI stock in the US owns critical energy infrastructure assets positioned to feed the coming AI energy spike.

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The “Toll Booth” Operator of the AI Energy Boom

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The Hedge Fund Secret That’s Starting to Leak Out

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A New Dawn is Coming to U.S. Stocks

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…

Should I put my money in Artificial Intelligence?

Here to answer that for us… and give away his No. 1 free AI recommendation… is 50-year Wall Street titan, Marc Chaikin.

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But what Marc’s most known for is his award-winning stock-rating system. Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down.

That’s why Marc’s work appears in every Bloomberg and Reuters terminal on the planet…

And is still used by hundreds of banks, hedge funds, and brokerages to track the billions of dollars flowing in and out of stocks each day.

He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022, 90 days in advance.

Click to continue reading…