U.S. crude oil futures traded higher by over 1% 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
eFFECTOR Therapeutics
- The Trade: eFFECTOR Therapeutics, Inc. (NASDAQ: EFTR) Director Brian M. Gallagher, Jr. acquired a total of 30,000 shares at an average price of $1.59. To acquire these shares, it cost around $47.7 thousand.
- What’s Happening: eFFECTOR Therapeutics’ ongoing Phase 1/2 trial of zotatifin in solid tumors recently showed early signals of clinical activity in two patients with breast cancer.
- What eFFECTOR Therapeutics Does: eFFECTOR Therapeutics Inc is a clinical-stage biopharmaceutical company focused on pioneering the development of a new class of oncology drugs referred to as selective translation regulator inhibitors (STRIs).
- The Trade: NEXGEL, Inc. (NASDAQ: NXGL) Director David Stefansky acquired a total of 3,128 shares at an average price of $1.60. The insider spent around $4.99 thousand to buy those shares.
- What’s Happening: NexGel, last month, posted a Q1 loss of $0.33 per share.
- What NEXGEL Does: NexGel Inc manufactures high water content, electron beam cross-linked, aqueous polymer hydrogels, or gels, used for wound care, medical diagnostics, transdermal drug delivery and cosmetics.
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TRACON Pharmaceuticals
- The Trade: TRACON Pharmaceuticals, Inc. (NASDAQ: TCON) 10% owner Opaleye Management Inc acquired a total of 11,419 shares at an average price of $1.39. To acquire these shares, it cost around $15.89 thousand.
- What’s Happening: TRACON Pharmaceuticals, last month, posted a Q1 loss of $0.48 per share.
- What TRACON Pharmaceuticals Does: TRACON Pharmaceuticals is a biopharmaceutical company focused on the development and commercialization of novel targeted therapeutics for cancer and utilizing its cost efficient, contract research organization (CRO) independent product development platform to partner with ex-U.S. companies to develop and commercialize innovative products in the United States.
- The Trade: Invacare Corporation (NYSE: IVC) 10% owner Azurite Management LLC acquired a total of 150,000 shares at an average price of $1.46. The insider spent $219.5 thousand to buy those shares.
- What’s Happening: EF Hutton recently initiated coverage on Invacare with a Buy rating and announced a price target of $2.75.
- What Invacare Does: Invacare Corp makes and distributes medical equipment used in non-acute care settings. Its products are primarily sold to home medical equipment providers, residential living operators, distributors, and government health services.
Read at Benzinga