Synta Pharmaceuticals Corp. (NDAQ:SNTA) shares continued their decline today despite strong insider buying since its initial public offering earlier this month. Synta is an early-stage drug development company with a rich portfolio of chemical compounds, small molecules and plant extracts that it mines for drugs that the company hopes will be able to battle skin cancer or inflammation ailments like rheumatoid arthritis. Interestingly, the company's shares are down over 15% from their highs while several members of management and the Board of Directors have disclosed large purchases in a series of Form 4 filings with the SEC. Moreover, Luxor Capital Group also disclosed a 6% stake in the company in a Schedule 13G - indicating institutional interest in the company. Typically when a company IPOs, management uses the opportunity to divest their shares in order to diversify their portfolio. Therefore, this combination of events is certainly worth a second look...

Who is buying up these shares and could they have any information that normal investors do not? Well, there are several company officers that reported purchases, including:

• Eric Jacobson - Sr. VP, Research, and CMO - disclosed a 300 share purchase at $10/share on February 9th.
• Martin Williams - Sr. VP, Business Dev., and CBO - disclosed a 200 share purchase at $10/share on February 9th.
• Keith Gollust - Director - disclosed a 180,000 share purchase at $10/share on February 9th.
• Robert Wilson - Director - disclosed a 100,000 share purchase at $10/share on February 9th.
• Bruce Kovner - Director - disclosed a 720,000 share purchase at $10/share on February 9th.

Now, these numbers are not employee stock options, restricted stock grants, or stock awards - these are open market purchases of common stock using their own cash! One of the more interesting members of this group is Bruce Kovner, who readers of this blog may recognize as the manager of Caxton Associates - one of the more successful hedge funds on Wall Street. Currently, he alone holds around a million shares that he purchased for close to $10 million. Combined, this open market purchasing by company officers, directors, and a successful hedge fund manager make this stock one definitely worth watching!

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Workstream Inc. (NDAQ:WSTM) shares moved up $0.09, or 8.18%, to $1.19 today after CEO Michael Mullarkey disclosed a 25,000 share purchase at $1.12 per share in a form 4 filing with the SEC, bringing his overall stake to over 4.3 million shares. The web-based software provider announced earlier this month that it would remain listed on the Nasdaq after the stock dropped below $1 for over 30 consecutive days - which violates Nasdaq listing requirements of a $1 or greater share price. Currently the company is trading below enterprise value and is slowly making its way back to profitability; however, the company does have $14.11m in debt with only $5.53m in cash. The CEO's 25k share purchase illustrates confidence in the company, but whether or not a successful turnaround can be orchestrated remains to be seen. Regardless, this is a great stock to keep on the radar over the next year.

Workstream Inc.'s s principal activity is to provide a range of employment services and web-based software services for Human Capital Management. The Group operates through two segments: Enterprise Workforce Services and Career Transition Services. Enterprise Workforce Services include recruiting systems, recruitment services, applicant sourcing and exchange and employee portal, recruitment research, online exchange, and employee management and retention services. Career Transition Services include career marketing and outplacement services. The operations are conducted mainly in Canada and the United States.

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Lawson Software Inc. (NDAQ:LWSN) CEO Harry Debes disclosed an 80,000 share purchase at prices ranging from $6.64 to $6.90 in a transaction valued at more than $530,000, bringing his his overall stake to 128,674 shares. The transaction, disclosed in a Form 4 filing with the SEC, helped move LWSN up $0.11, or 1.63%, to $6.87 so far in today's session.

The company provides business application software, services and maintenance to customers primarily in the services sector, trade industries and manufacturing/distribution sectors specializing in specific markets, including health care, public services, retail, financial services, food and beverage, and wholesale distribution. While the company is currently trading above enterprise value with a high PEG of 2.59, it does have $1.41/share in cash and very little debt. This makes the company a potential acquisition target in an increasingly active M&A market, and new contracts should help the company prop up its falling earnings in future quarters. Combined, these factors make LWSN a stock worth watching over the next few months.

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Oxigene Inc. (NDAQ:OXGN)
Form 4 Filing
Director Per-Olof Soderberg disclosed purchasing 65,800 shares at $4.94 in a transaction worth $325,052. This brings his total stake to 702,130 shares. The purchase comes as the stock has moved off of its highs of $5.70 to its current levels of $4.90.

Perma-Fix Environmental Services Inc. (NDAQ:PESI)
Form 4 Filing
CFO Steven Baughman disclosed purchasing 100,000 shares at prices ranging from $2.14 to $2.19, bringing his stake to 300,009 in a transaction worth around $215,000. This brings his total stake to 300,009 shares. The purchase moved the stock up over 6% today, adding to its existing ~44% gains on the year. The waste removal company stated recently that it was shedding low margin contracts in order to focus on better opportunities. Moreover, it said it was negotiating with the DoE and DoD to spread their waste removal operations more evenly throughout the year.

MathStar (NDAQ:MATH) -- CEO Douglas Pihl disclosed, in a form 4 filing with the SEC, that he had purchased 20,000 shares on December 12th at $3.99, bringing his total stake in the company to 1,537,836. MathStar shares have declined from $6.00 per share in July of this year to their current levels around $4.15 per share; however, the stock has recently formed a high-volume base between $3.70 and $4.15. This nearly $80,000 insider purchase could indicate a possible turnaround, making MATH a stock worth watching.

Cimarex Energy Co. (NYSE:XEC) -- Chairman and CEO F. H. Merelli disclosed, in a form 4 filing with the SEC, a 20,900 share purchase today at prices ranging from $37.10 to $37.36, bringing his total stake in the company to 280,646 shares. The oil and gas exploration company faced a decline from $45 to $35 per share in 2006 as the company faced exploration and production issues. Recent insider buying could indicate that these issues will soon be resolved, which could mean share appreciation. This is definitely a stock to watch.