Over $40M Bet On 89bio? Check Out These 3 Stocks Insiders Are Buying

Although US stocks closed higher on Thursday, there were a few notable insider trades.

When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.

Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.

ProFrac Holding

• The Trade: ProFrac Holding Corp. (NASDAQ:ACDC) 10% owner Dan Wilks acquired a total of 902,995 shares an average price of $12.19. To acquire these shares, it cost around $11.01 million.
• What’s Happening: ProFrac Holding reported worse-than-expected Q4 results.
• What ProFrac Holding Does: ProFrac Holding Corp is engaged in providing hydraulic fracturing, completion services, and other complementary products and services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources.

89bio

• The Trade: 89bio, Inc. (NASDAQ:ETNB) Director Rajeev Shah acquired a total of 2,461,538 shares at an average price of $16.25. To acquire these shares, it cost around $40 million. The company’s Director Michael R Hayden also bought the company’s shares.
• What’s Happening: 89bio priced its offering of 16,923,077 shares of its common stock at $16.25 per share.
• What 89bio Does: 89bio Inc is a United States-based clinical-stage biopharmaceutical company focused on the development and commercialization of therapies for the treatment of liver and cardio-metabolic diseases.

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DICE Therapeutics

• The Trade: DICE Therapeutics, Inc. (NASDAQ:DICE) Director Rajeev Shah bought a total of 509,145 shares at an average price of $29.07. To acquire these shares, it cost around $14.8 million. The company’s CSO John R Jacobsen also bought the company’s shares.
• What’s Happening: DICE Therapeutics posted a wider-than-expected quarterly loss.
• What DICE Therapeutics Does: DICE Therapeutics Inc is a biopharmaceutical company leveraging proprietary technology platform to build a pipeline of novel oral therapeutic candidates to treat chronic diseases in immunology and other therapeutic areas.

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