Although US 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.
Tricida
- The Trade: Tricida, Inc. (NASDAQ: TCDA) 10% owner Nimish Shah acquired a total of 150,000 shares at an average price of $9.18. To acquire these shares, it cost around $1.38 million.
- What’s Happening: The company’s stock gained around 8% over the past six months.
- What Tricida Does: Tricida Inc is a pharmaceutical company focused on the development and commercialization of its drug candidate, veverimer (TRC101), a non-absorbed, orally-administered polymer designed to treat metabolic acidosis by binding and removing acid from the gastrointestinal, or GI, tract.
- The Trade: Medpace Holdings, Inc. (NASDAQ: MEDP) CEO August J Troendle acquired a total of 8,330 shares at an average price of $145.00. To acquire these shares, it cost around $1.21 million.
- What’s Happening: Medpace Holdings is expected to report its Q2 financial results after the market close on Monday, July 25, 2022.
- What Medpace Holdings Does: Medpace Holdings Inc is a clinical contract research organization.
Also check this: Investor Fear Eases Further, Here's Why
Rocket Companies
- The Trade: Rocket Companies, Inc. (NYSE: RKT) CEO Jay Farner bought a total of 64,900 shares at an average price of $9.24. To acquire these shares, it cost around $599.37 thousand.
- What’s Happening: Wells Fargo (NYSE:WFC) recently upgraded the stock from Equal-Weight to Overweight and announced a $10 price target.
- What Rocket Companies Does: Rocket Companies is a financial services company that was originally founded as Rock Financial in 1985 and is currently based in Detroit.
Read at Benzinga