Although U.S. stocks closed higher 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.

Bristol-Myers Squibb

• The Trade: Bristol-Myers Squibb Company (NYSE:BMY) CEO Christopher Boerner acquired a total of 2,000 shares an average price of $49.78. To acquire these shares, it cost around $99,560.
• What’s Happening: Bristol Myers Squibb released topline data from Phase 3 CheckMate -8HW trial of Opdivo (nivolumab) plus Yervoy (ipilimumab) compared to the investigator’s choice of chemotherapy as a first-line treatment for microsatellite instability-high (MSI-H) or mismatch repair deficient (dMMR) metastatic colorectal cancer.
• What Bristol-Myers Squibb Does: Bristol-Myers Squibb discovers, develops, and markets drugs for various therapeutic areas, such as cardiovascular, cancer, and immune disorders.

Matador Resources

• The Trade: Matador Resources Company (NYSE:MTDR) Chairman and CEO Joseph WM Foran acquired a total of 2,000 shares at an average price of $54.30. To acquire these shares, it cost around $108,600.
• What’s Happening: On Oct. 24, Matador Resources posted upbeat quarterly results.
• What Matador Resources Does: Matador Resources Co is an independent energy company engaged in the exploration, development, production, and acquisition of oil and natural gas resources.

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