Although US stocks closed lower on Thursday, 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.

Children's Place

• The Trade: The Children's Place, Inc. (NASDAQ:PLCE) President and CEO Jane Elfers acquired a total of 43,000 shares an average price of $23.70. To acquire these shares, it cost around $1.02 million.
• What’s Happening: Children's Place implemented a 17% reduction in number of its salaried workforce, representing 181 positions.
• What Children's Place Does: Children's Place Inc is pure-play children's specialty apparel retailer in North America.

Black Diamond Therapeutics

• The Trade: Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) Director Ali Behbahani acquired a total of 1,000,000 shares at an average price of $5.00. To acquire these shares, it cost around $5 million.
• What’s Happening: Black Diamond Therapeutics reported pricing of its underwritten public offering of 15 million shares at $5 per share.
• What Black Diamond Therapeutics Does: Black Diamond Therapeutics Inc is a precision oncology medicine company. It is engaged in the discovery and development of small molecule, tumor-agnostic therapies.

Don’t forget to check out our premarket coverage here

Nuvectis Pharma

• The Trade: Nuvectis Pharma, Inc. (NASDAQ:NVCT) 10% owner Charles Mosseri-Marlio bought a total of 1,176 shares at an average price of $15.52. To acquire these shares, it cost around $18,252.
• What’s Happening: Nuvectis Pharma recently announced FDA clearance of NXP900 IND.
• What Nuvectis Pharma Does: Nuvectis Pharma Inc is a biopharmaceutical company. The company is engaged in the development of innovative precision medicines for the treatment of serious conditions of unmet medical needs in oncology.

Check This Out: Top 5 Energy Stocks That May Crash In July