The Dow Jones dipped by more than 600 points on Wednesday. Investors, meanwhile, focused on some notable insider trades.
When insiders purchase or sell shares, it indicates their confidence or concern around the company's prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.
Below is a look at a few recent notable insider transactions for penny stocks. For more, check out Benzinga's insider transactions platform.3
- The Trade: OmniAb, Inc. OABI President and CEO Matthew Foehr bought a total of 100,000 shares at an average price of $2.76. To acquire these shares, it cost around $276.16 thousand.
- What’s Happening: OmniAb recently reported the completion of the spin-off from Ligand Pharmaceuticals and the subsequent business combination with Avista Public Acquisition Corp. II.
- What OmniAb Does: OmniAb Inc offers best-in-class therapeutic antibody discovery technologies.
- The Trade: Metacrine, Inc. MTCR 10% owner Braden Michael Leonard acquired a total of 164,270 shares at an average price of $0.41. The insider spent around $68.07 thousand to buy those shares.
- What’s Happening: The company’s stock dropped around 5% over the past six months.
- What Metacrine Does: Metacrine Inc is a clinical-stage biopharmaceutical company focused on discovering and developing differentiated therapies for patients with liver and gastrointestinal diseases.
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- The Trade: Ocular Therapeutix, Inc. OCUL 10% owner Summer Road LLC acquired a total of 7,328 shares at an average price of $3.50. To acquire these shares, it cost around $25.65 thousand.
- What’s Happening: Ocular Therapeutix reported worse-than-expected Q3 EPS and sales results.
- What Ocular Therapeutix Does: Ocular Therapeutix Inc is a biotechnology company that specializes in therapies for diseases and conditions of the eye.
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