New Board Member at Leading Distributor of Roofing Materials Acquires New Stake
A freshly-appointed member of Beacon Roofing Supply Inc. (NASDAQ:BECN)’s Board of Directors initiated a new stake in the company this week. Carl T. Berquist, appointed to the company’s Board in late June, snapped up a new stake of 5,000 shares on Wednesday at a price tag of $44.81 each. Although the sole purpose of this purchase might be to show that the Board member’s interests are aligned with shareholders’ interests, the transaction still represents a positive sign.
The second-largest distributor of residential and non-residential roofing materials in the United States and Canada has seen the value of its stock gain 8% since the beginning of the year. In early October, 2015, Beacon Roofing Supply Inc. (NASDAQ:BECN) completed the $1.17 billion cash-and-stock acquisition of Roofing Supply Group, which aimed at strengthening Beacon Roofing Supply’s position as the largest publicly traded roofing materials and related products distributor in the nation. More importantly, the company completed an additional seven strategic acquisitions in the nine-month period that ended June 30, which enhanced the company’s geographic footprint. Ken Griffin’s Citadel Advisors LLC upped its position in Beacon Roofing Supply Inc. (NASDAQ:BECN) by 59% during the April-to-June period to 1.74 million shares.
New Director at Hot Small-Cap Biotech Acquires Stake in His Company
Similar to the case discussed above, a newly-appointed member of Agenus Inc. (NASDAQ:AGEN)’s Board of Directors also acquired a new stake in his company. Ulf Wiinberg, who joined the company’s boardroom in May, snatched up a 30,000-share stake on Tuesday at a price of $6.29 per share.
The shares of the immuno-oncology company, which focuses on the development of revolutionary new treatments that engage the body’s immune system to help patients suffering from cancer, are 43% in the green thus far in 2016. Agenus Inc. (NASDAQ:AGEN) has formed collaborations with companies such as Incyte Corporation (NASDAQ:INCY), Merck & Co. Inc. (NYSE:MRK) and Recepta Biopharma SA to help advance its anti-cancer checkpoint inhibitor platform. Through these collaborations, the company has more than a dozen antibody programs that started Phase 1 trials in 2016. There were a total number of 11 hedge funds followed by Insider Monkey invested in Agenus at the end of the second quarter, which amassed 14% of the company’s total number of outstanding shares. Jim Simons’ Renaissance Technologies LLC was the owner of 517,017 shares of Agenus Inc. (NASDAQ:AGEN) at the end of the June quarter.
The final page of this article will discuss noteworthy insider selling recorded at two other companies.