Although the Dow Jones jumped more than 400 points 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.
- The Trade: Iovance Biotherapeutics, Inc. IOVA Director Wayne P Rothbaum acquired a total of 1,000,000 shares at at an average price of $6.60. To acquire these shares, it cost around $6.6 million.
- What’s Happening: Iovance Biotherapeutics recently reported results from its C-144-01 clinical study in patients with advanced melanoma.
- What Iovance Biotherapeutics Does: Iovance Biotherapeutics Inc is a clinical-stage biopharmaceutical company. The company focused on the development and commercialization of cell therapies as novel cancer immunotherapy products designed to harness the power of a patient's immune system to eradicate cancer cells.
- The Trade: NGM Biopharmaceuticals, Inc. NGM Director David Goeddel V acquired a total of 153,806 shares at an average price of $13.46. To acquire these shares, it cost around $2.07 million.
- What’s Happening: NGM Biopharmaceuticals, last month, initiated a Phase 1/1b clinical study of its drug candidate NGM438 for the treatment of patients with advanced solid tumors.
- What NGM Biopharmaceuticals Does: NGM Biopharmaceuticals Inc is a clinical-stage biopharmaceutical company. It is engaged in developing novel therapeutics based on scientific understanding of key biological pathways for the treatment of cardio-metabolic, liver, oncologic and ophthalmic diseases.
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- The Trade: Global Partners LP GLP Global GP Llc bought a total of 33,194 shares at an average price of $29.71. To acquire these shares, it cost around $986.32 thousand.
- What’s Happening: The company, last month, swung to a profit in the first quarter.
- What Global Partners Does: Global Partners LP is an us-based limited partnership that acts as a midstream logistics and marketing company. It is mainly engaged in purchasing, selling, storing and logistics of transporting petroleum and related products.
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