Insiders Buy Over $540M Of 2 Stocks

Although the US stocks closed slightly lower on Wednesday, 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.

Day One Biopharmaceuticals

• The Trade: Day One Biopharmaceuticals, Inc. DAWN Director Michael Gladstone acquired a total of 766,667 shares at an average price of $15.00. To acquire these shares, it cost around $11.5 million.
• What’s Happening: Day One Biopharmaceuticals recently files for offering of up to 10 million shares of common stock.
• What Day One Biopharmaceuticals Does: Day One Biopharmaceuticals Inc is a clinical-stage biopharmaceutical company.

Occidental Petroleum

• The Trade: Occidental Petroleum Corporation OXY 10% owner Warren E Buffett acquired a total of 9,551,454 shares at an average price of $55.36. To acquire these shares, it cost around $528.79 million.
• What’s Happening: Morgan Stanley recently maintained Occidental Petroleum with an Equal-Weight and raised the price target from $73 to $74.
• What Occidental Petroleum Does: Occidental Petroleum is an independent exploration and production company with operations in the United States, Latin America, and the Middle East.

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