$20 Million Bet On Rocket Pharmaceuticals? 3 Stocks Insiders Are Buying

$20 Million Bet On Rocket Pharmaceuticals? 3 Stocks Insiders Are Buying

Although US crude oil prices traded 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.

Earthstone Energy

  • The Trade: Earthstone Energy, Inc. ESTE 10% owner Cypress Investments LLC acquired a total of 1,000,000 shares an average price of $14.75. To acquire these shares, it cost around $14.75 million.
  • What’s Happening: Earthstone Energy, during August, reported better-than-expected Q2 EPS and sales results.
  • What Earthstone Energy Does: Earthstone Energy Inc is an independent oil and natural gas development and production company.

Rocket Pharmaceuticals

  • The Trade: Rocket Pharmaceuticals, Inc. RCKT Director Roderick Wong acquired a total of 1,355,932 shares at an average price of $14.75. To acquire these shares, it cost around $20 million.
  • What’s Happening: Rocket Pharmaceuticals recently priced an underwritten public offering of 6,800,000 shares of its common stock at a public offering price of $14.75 per share.
  • What Rocket Pharmaceuticals Does: Rocket Pharmaceuticals Inc is a clinical-stage biopharmaceutical company. It is focused on the development of gene therapies for rare and devastating pediatric diseases.

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Also check this: Dow Gains Over 50 Points; US Producer Prices Rise 0.4% In September

AngioDynamics

  • The Trade: AngioDynamics, Inc. ANGO President and CEO James Clemmer bought a total of 10,000 shares at an average price of $15.00. To acquire these shares, it cost around $150 thousand.
  • What’s Happening: AngioDynamics recently reported a Q1 FY23 adjusted EPS loss of $(0.06), missing the consensus EPS of $0.02 and lower than $(0.02) a year ago.
  • What AngioDynamics Does: AngioDynamics Inc designs, manufactures and sells medical, surgical and diagnostic devices used by professional healthcare providers for the treatment of peripheral vascular disease and for use in oncology and surgical settings.

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