The Dow Jones index closed higher by more than 100 points on Friday. When insiders purchase or sell shares, it indicates their confidence or concern around the company's prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.

Below is a look at a few recent notable insider transactions for penny stocks. For more, check out Benzinga's insider transactions platform.

Skye Bioscience

• The Trade: Skye Bioscience, Inc. (OTC:SKYE) 10% owner Scott M Rocklage acquired a total of 5,206,074 shares an average price of $2.31. To acquire these shares, it cost around $12,026,031.
• What’s Happening: Piper Sandler analyst Edward Tenthoff initiated coverage on Skye Bioscience with an Overweight rating and announced a price target of $12.
• What Skye Bioscience Does: Skye Bioscience, Inc., a clinical stage pharmaceutical company, discovers, develops, and commercializes cannabinoid-based molecules for the treatment of infectious diseases.

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