Insiders are buying Mesoblast and these ASX shares

Insiders seem to see value in these shares.

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It can be useful for investors to keep an eye on which shares have experienced meaningful insider buying.

This is because insider buying is often regarded as a bullish indicator, as few people know a company and its intrinsic value better than its own directors. If they are buying, it suggests that they are confident in the direction the company is heading.

With that in mind, listed below are a few ASX shares that have reported meaningful insider buying recently. They are as follows:

Mesoblast Ltd (ASX: MSB)

Mesoblast shares have been on a tear in recent weeks. So much so, despite falling 14% since this time last week, they remain up a massive 125% on a monthly basis and 150% year to date.

This has been driven by an announcement relating to its remestemcel-L product candidate.

Mesoblast revealed that the US Food and Drug Administration (FDA) has advised that there should be sufficient results to support the submission of the company's proposed Biologics License Application (BLA) for its stem cell therapy to treat paediatric patients with steroid-refractory acute graft versus host disease.

The market appears hopeful that this is a sign that remestemcel-L will finally be approved by the FDA.

Despite this strong gain, one of Mesoblasts' directors was adding to their position last week.

A change of director's interest notice reveals that Jane C. Bell AM snapped up 233,918 Mesoblast shares on-market for an average of 85.5 cents per share. This equates to a total consideration of $199,999.89.

Argosy Minerals Limited (ASX: AGY)

Another ASX share that has reported meaningful insider buying is lithium developer Argosy Minerals.

A change of director's interest notice shows that the company's non-executive director, Pietro De Leo, increased his holding with an on-market trade on 9 April.

De Leo bought 175,000 shares for a total consideration of $23,625.00. This equates to an average of 13.5 cents per share.

Unlike Mesoblast shares, Argosy Minerals have been sold off again this year and are now down almost 70% on a 12-month basis.

Calix Ltd (ASX: CXL)

A third ASX share that insiders have been buying is clean energy technology company Calix.

With its shares down almost 60% since the start of the year, it seems that non-executive director, Dr Sarah Ryan, believes it has created an opportunity to add to her holding.

The change of director's interest notice reveals that Dr Ryan bought 10,000 Calix shares through an on-market trade on 10 April. The director paid an average of $1.495 per share, which equates to a total consideration of $14,950.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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