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Top Insider Trades 9/13/13: CCXI, GBDC, MVC, FUND

|Includes: ChemoCentryx, Inc. (CCXI), FUND, GBDC, MVC

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In a victory for common sense, the trading behavior of company executives, directors, and large shareholders in the stocks of firms they're registered "insiders" at have been proven profitable to monitor by both academic studies and (more importantly) the experience of professional investors.

Below are lists of the top 10 mainly open-market insider purchases and sales filed at the Securities and Exchange Commission Friday, September 13, 2013 as ranked by dollar value.

Please note, however, that these are factual lists (with edits to remove some noise), not buy and sell recommendations. Dollar value is only one metric to assess the importance of an insider transaction, and, frankly, often not even the most important metric that determines if an insider transaction is significant.

We should also point out that we are presently in a slow filing time for insiders because many companies still have their trading windows closed to their executives until their June quarter earnings are released.

But at, we find new investment ideas just about every day using these and more intricate insider screens to determine where we should focus our subsequent fundamental and technical analysis. And while stocks don't (or shouldn't) move up or down based on insider activity alone, insiders tend to be good indicators of when real stock-moving events like earnings surprises, corporate actions, and new products may be in the offing.

So use these regular blog posts as the initial research tools they are meant to be, and click the links in the tables to analyze a company's or insider's full insider history. Also feel free to email with any questions on our proprietary insider data, and how it is best analyzed.

Insider Purchases
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Bvf Partners L P Il BO Chemocentryx CCXI B $1,936,126
Golub David CEO,DIR,BO Golub Capital Bdc GBDC JB* $533,993
Marubeni DIR,BO Aircastle AYR B $527,004
Larsen Michael M VP,CFO Illinois Tool Works ITW B $519,750
Goldstein Phillip DIR MVC Capital MVC B $218,039
George W Whitney FO,DIR,BO Royce Focus Tr FUND JB* $182,500
Churchey Randy L PR,CEO,DIR Education Rlty Tr EDR B $179,800
Koos David Ray CB,CEO,BO Bio Matrix Scientific BMSN JB* $120,000
Fritze Steven L DIR Otter Tail OTTR JB* $108,038
Thompson Mark D CEO Boston Private Finl BPFH B $106,623

Source: | Key to Insider Title and Trans Type Codes

Insider Sales
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Armstrong Asbestos BO Armstrong Wld Ind AWI JS* $478,779,104
Clarke Ronald CEO,PR,DIR Fleetcor Tech FLT JS* $78,645,000
Summit Partners PT,BO Ubiquiti Networks UBNT JS* $42,900,000
Ave Special Sit Fd DIR,BO Magnachip Semi MX JS* $35,700,000
Page Lawrence CEO,DIR,BO Google GOOG AS $18,606,850
Maroone Michael E PR,COO,DIR Autonation AN S $15,896,374
Simmons L E BO Forum Energy FET S $13,218,008
Bernstein Ralph J DIR Air Methods AIRM S $8,275,500
Knott David M DIR Ligand Pharm LGND S $7,484,080
Angrick William P CB,CEO,BO Liquidity Services LQDT S $5,542,500

Source: | Key to Insider Title and Trans Type Codes