Although US stocks closed mostly 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.

EOG Resources

• The Trade: EOG Resources, Inc. EOG Director Michael T Kerr acquired a total of 20,000 shares an average price of $130.49. To acquire these shares, it cost around $2.61 million.
• What’s Happening: Barclays recently maintained EOG Resources with an Overweight and lowered the price target from $163 to $153.
• What EOG Resources Does: EOG Resources is an oil and gas producer with acreage in several U.S. shale plays, including the Permian Basin, the Eagle Ford, and the Bakken.

Merrimack Pharmaceuticals

• The Trade: Merrimack Pharmaceuticals, Inc. MACK 10% owner Ledo Capital LLC acquired a total of 100,000 shares at an average price of $11.90. To acquire these shares, it cost around $1.19 million.
• What’s Happening: Merrimack Pharmaceuticals partner Ipsen recently reported Onivyde met its primary and key secondary endpoint. Merrimack is eligible for up to $450 million in milestone payments for the pancreatic cancer treatment.
• 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.

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NGM Biopharmaceuticals

• The Trade: NGM Biopharmaceuticals, Inc. NGM Director David Goeddel V bought a total of 5,378 shares at an average price of $4.95. To acquire these shares, it cost around $26.6 thousand.
• What’s Happening: NGM Bio recently outlined corporate strategy and issued guidance on key priorities.
• What NGM Biopharmaceuticals Does: NGM Biopharmaceuticals Inc is a clinical-stage biopharmaceutical company.