2 Oversold Stocks Ready to Bounce Higher
Recently, a number of companies' corporate insiders have bought large amounts of stock. These insiders are finding some value in the market, which warrants a closer look at these stocks. Here's a look five stocks whose insiders have been doing some big buying per SEC filings.
One biotechnology player that insiders are jumping into big here is Synta Pharmaceuticals (SNTA), which focuses on the discovery, development and commercialization of small molecule drugs for treating severe medical conditions, including cancer and chronic inflammatory diseases. Insiders are buying this stock into major weakness, since shares are down by 39% so far in 2014.
Synta Pharmaceuticals has a market cap of $342 million and an enterprise value of $273 million. This stock trades at a premium valuation, with a price-to-book of 7.10. Its estimated growth rate for this year is 8.7%, and for next year it's pegged at -6%. This is a cash-rich company, since the total cash position on its balance sheet is $91.48 million and its total debt is $23.40 million.