$1.4 Million Bet On Joint Corp? Check Out These 3 Stocks Insiders Are Buying

Although US stocks closed lower on Tuesday, 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.

Joint Corp

• The Trade: The Joint Corp. JYNT 10% owner Jefferson Gramm acquired a total of 100,936 shares an average price of $13.63. To acquire these shares, it cost around $1.38 million.
• What’s Happening: The Joint Corp, during November, reported worse-than-expected Q3 EPS results.
• What Joint Corp Does: The Joint Corp develops, owns, operates, supports, and manages chiropractic clinics through direct ownership, management arrangements, franchising, and the sale of regional developer rights throughout the United States.

CarMax

• The Trade: CarMax, Inc. KMX President and CEO William Nash acquired a total of 8,220 shares at an average price of $60.98. To acquire these shares, it cost around $501.26 thousand.
• What’s Happening: Morgan Stanley recently maintained CarMax with an Overweight and lowered the price target from $90 to $75.
• What CarMax Does: CarMax sells, finances, and services used and new cars through a chain of over 230 used retail stores. It was formed in 1993 as a unit of Circuit City and spun off into an independent company in late 2002.

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Merrimack Pharmaceuticals

• The Trade: Merrimack Pharmaceuticals, Inc. MACK 105 owner Western Standard Partners QP, L.P. bought a total of 259,936 shares at an average price of $10.67. To acquire these shares, it cost around $2.77 million.
• What’s Happening: The company’s stock gained around 97% over the past six months.
• What Merrimack Pharmaceuticals Does: Merrimack Pharmaceuticals Inc is a biotechnology company that discovers, develops, and commercializes innovative medicines that consist of novel therapeutics paired with diagnostics to treat cancer.