Although U.S. stocks closed higher 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.

Inhibrx

• The Trade: Inhibrx, Inc. (NASDAQ:INBX) Sharon Rose Shabet acquired a total of 511,627 shares an average price of $19.35. To acquire these shares, it cost around $9.9 million.
• What’s Happening: Inhibrx announced a $200 million private placement financing.
• What Inhibrx Does: Inhibrx Inc is a clinical-stage biotechnology company focused on developing a pipeline of novel biologic therapeutic candidates.

Domo

• The Trade: Domo, Inc. (NASDAQ:DOMO) Director David Daniel Daniel III acquired a total of 137,000 shares at an average price of $10.94. To acquire these shares, it cost around $1.5 million.
• What’s Happening: Domo announced it has achieved the Google Cloud Ready - BigQuery designation, following successful partner integration tests conducted by Google Cloud engineers.
• What Domo Does: Domo Inc provides a cloud-based platform that digitally connects all the data, systems and people in an organization, giving them access to real-time data and insights and allowing them to manage their business from their smartphones.

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