Although US stocks closed mixed on Monday, 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.
Baker Hughes Company
- The Trade: Baker Hughes Company BKR Director Michael Dumais acquired a total of 10,000 shares at an average price of $24.39. To acquire these shares, it cost around $243.9 thousand.
- What’s Happening: Baker Hughes recently reported worse-than-expected Q2 EPS and sales results.
- What Baker Hughes Does: Baker Hughes Company, based in Houston, Texas, provides a portfolio of technologies and services to energy and industrial value chain worldwide.
- The Trade: Revolution Medicines, Inc. RVMD Director Lorence H Kim acquired a total of 50,000 shares at an average price of $20.00. To acquire these shares, it cost around $1 million.
- What’s Happening: Revolution Medicines recently announced the pricing of its underwritten public offering of 11,500,000 shares of common stock at a public offering price of $20.00 per share.
- What Revolution Medicines Does: Revolution Medicines, incorporated in 2014, focuses on developing therapies to inhibit frontier targets in RAS-addicted cancers.
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Health Sciences Acquisitions Corporation 2
- The Trade: Health Sciences Acquisitions Corporation 2 HSAQ CEO Roderick Wong bought a total of 1,000,000 shares at an average price of $10.01. To acquire these shares, it cost around $10.01 million.
- What’s Happening: The company’s stock has gained 1% since the start of the year.
- What Health Sciences Acquisitions Corporation 2 Does: Health Sciences Acquisitions Corporation 2, based in New York, New York, intends to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or related business combination with one or more businesses in the biopharma and medical technology sectors in North America or Europe.
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