In the medical equipment and supplies complex, insiders have been buying up shares of Sequenom ( SQNM), a diagnostic testing and genetics analysis company. Insiders are clearly sniffing out some deep value here since this stock is down by over 50% so far in 2011. Sequenom has a market cap of $411.27 million and an enterprise value of $322.23 million. The company's estimated growth rate for this year is 22%, and for next year it's pegged at 2.8%. This is a cash-rich company, with a total cash position on its balance sheet of $101.18 million and total debt of just $12.13 million. The CEO just bought 50,000 shares, or $209,400 worth of stock, at $4.19 per share. Two directors and an officer also just bought around $155,000 worth of stock, at $4.10 to $4.24 per share. From a technical standpoint, this stock is currently trading well below both its 50-day and 200-day moving averages, which is bearish. This stock has been stuck in a nasty downtrend since July when it topped out at around $8 a share. Since that top, the stock has done nothing but consistently make higher lows and lower lows, which is very bearish price action. As I write this, the stock is printing a new 52-week low at $3.82 a share. If you're bullish on this stock, you really shouldn't be based on the price action. That said, the stock is starting to get close to being oversold as measured by the relative strength index (RSI). In the past, SQNM has bounced when it trades well below 30 on the RSI, and its current reading is 34.60. There are also some previous support zones on SQNM from back in 2009 at around $3.35 to $2.55 a share. We could test those levels if the selling doesn't abate soon. Look for a change in trend and a large upside volume day to signal that this stock is ready to bounce higher. I would look for volume that's tracking in well above its three-month average action of around 2.2 million shares. To see more stocks with notable insider buying, including Blue Nile ( NILE), OfficeMax ( OMX) and Meritor ( MTOR), check out the Stocks With Big Insider Buying portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.