The Dow Jones dropped by more than 300 points on Tuesday. Investors, meanwhile, focused on some notable insider trades.
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.3
- The Trade: Larimar Therapeutics, Inc. LRMR 10% owner Deerfield Private Design Fund IV, L.P. bought a total of 11,111,108 shares at an average price of $3.15. To acquire these shares, it cost around $35 million.
- What’s Happening: Larimar Therapeutics recently announced the FDA clearance to initiate 25 mg Cohort of a Phase 2 dose exploration trial of CTI-1601 in Friedreich’s Ataxia patients.
- What Larimar Therapeutics Does: Larimar Therapeutics Inc is a clinical-stage biotechnology company focused on developing treatments for patients suffering from complex rare diseases using novel cell-penetrating peptide technology platform.
- The Trade: PEDEVCO Corp. PED 10% owner SK Energy LLC acquired a total of 202,619 shares at an average price of $1.30. The insider spent around $264 thousand to buy those shares.
- What’s Happening: Pedevco, last month, posted Q2 EPS of $0.04.
- What PEDEVCO Does: PEDEVCO Corp is an energy company. It is engaged in the acquisition, exploration, development, and production of oil and natural gas shale plays in the Denver-Julesberg Basin (D-J Basin) in Colorado.
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- The Trade: Advantage Solutions Inc. ADV Director Brian K Ratzan acquired a total of 100,000 shares at an average price of $2.47. To acquire these shares, it cost around $247 thousand.
- What’s Happening: Advantage Solutions, last month, reported worse-than-expected Q2 sales results.
- What Advantage Solutions Does: Advantage Solutions Inc is the provider of outsourced sales and marketing solutions to consumer goods companies and retailers.