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Do you like buying stocks with strong market optimism? For a closer look at stocks currently favored by the market and smart money investors, we ran a screen.

We began by screening for stocks that have outperformed the market over the last quarter, with over 20% return. We then screened for those with the confidence of both company insiders and institutional investors.

We screened for stocks seeing strong net insider purchases over the last six months, representing at least 1% of share float. Since most companies have only a handful of insiders, purchases from insiders representing 1% of share float is a big show of confidence.

We also screened for stocks seeing strong net institutional purchases over the last quarter, representing at least 5% of share float.

Interactive Chart: Press Play to compare changes in market cap over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.

Do you think these stocks will continue to outperform? Use this list as a starting point for your own analysis.

List sorted by net insider purchases over the last six months.

1. EnteroMedics, Inc. (NASDAQ:ETRM): Focuses on the design and development of devices that use neuroblocking technology to treat obesity and associated co-morbidities, and other gastrointestinal disorders. Market cap at $108.09M, most recent closing price at $2.77. Performance over the last quarter at 45.03%. Net institutional purchases in the current quarter at 2.0M shares, which represents about 17.38% of the company's float of 11.51M shares. Over the last six months, insiders were net buyers of 2,933,271 shares, which represents about 25.48% of the company's 11.51M share float.

2. Blyth, Inc. (NYSE:BTH): Operates as a multi-channel company in the home fragrance and decorative accessories industry. Market cap at $751.93M, most recent closing price at $87.74. Performance over the last quarter at 36.50%. Net institutional purchases in the current quarter at 342.8K shares, which represents about 6.79% of the company's float of 5.05M shares. Over the last six months, insiders were net buyers of 399,000 shares, which represents about 7.9% of the company's 5.05M share float.

3. Pacira Pharmaceuticals Inc. (NASDAQ:PCRX): Engages in the development, commercialization, and manufacture of pharmaceutical products for hospitals and ambulatory surgery centers. Market cap at $343.17M, most recent closing price at $10.95. Performance over the last quarter at 20.33%. Net institutional purchases in the current quarter at 6.7M shares, which represents about 43.09% of the company's float of 15.55M shares. Over the last six months, insiders were net buyers of 689,481 shares, which represents about 4.43% of the company's 15.55M share float.

4. Pharmacyclics Inc. (NASDAQ:PCYC): Operates as a clinical-stage biopharmaceutical company focusing on developing and commercializing small-molecule drugs for the treatment of immune mediated disease and cancer. Market cap at $1.91B, most recent closing price at $27.76. Performance over the last quarter at 52.95%. Net institutional purchases in the current quarter at 4.2M shares, which represents about 7.74% of the company's float of 54.27M shares. Over the last six months, insiders were net buyers of 1,340,060 shares, which represents about 2.47% of the company's 54.27M share float.

5. Vitacost.com, Inc. (NASDAQ:VITC): Operates as an online retailer and direct marketer of health and wellness products. Market cap at $271.16M, most recent closing price at $8.16. Performance over the last quarter at 26.12%. Net institutional purchases in the current quarter at 684.9K shares, which represents about 5.31% of the company's float of 12.91M shares. Over the last six months, insiders were net buyers of 300,000 shares, which represents about 2.32% of the company's 12.91M share float.

6. Gentiva Health Services Inc. (NASDAQ:GTIV): Provides home health services and hospice care in the United States. Market cap at $273.77M, most recent closing price at $8.86. Performance over the last quarter at 20.22%. Net institutional purchases in the current quarter at 1.4M shares, which represents about 5.29% of the company's float of 26.47M shares. Over the last six months, insiders were net buyers of 336,622 shares, which represents about 1.27% of the company's 26.47M share float.

7. Guaranty Bancorp (NASDAQ:GBNK): Operates as the bank holding company for Guaranty Bank and Trust Company that provides various banking products and services to consumers, and small and medium-sized businesses. Market cap at $206.97M, most recent closing price at $1.95. Performance over the last quarter at 33.56%. Net institutional purchases in the current quarter at 17.6M shares, which represents about 24.93% of the company's float of 70.61M shares. Over the last six months, insiders were net buyers of 746,787 shares, which represents about 1.06% of the company's 70.61M share float.

*Insider data sourced from Yahoo! Finance, institutional data sourced from Fidelity, all other data sourced from Finviz.

Source: 7 Outperforming Stocks Bought Up By Insiders And Institutional Investors