Although US stocks closed lower 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.
89bio
- The Trade: 89bio, Inc. (NASDAQ: ETNB) Director Rajeev Shah acquired a total of 1,172,741 shares an average price of $7.65. To acquire these shares, it cost around $8.97 million.
- What’s Happening: Raymond James, last month, maintained 89bio with a Strong Buy and raised the price target from $14 to $25.
- What 89bio Does: 89bio Inc a United States-based clinical-stage biopharmaceutical company focused on the development of therapies for the treatment of liver and cardio-metabolic diseases.
Tricida
- The Trade: Tricida, Inc. (NASDAQ: TCDA) 10% owner Nimish Shah acquired a total of 351,866 shares at an average price of $10.68. To acquire these shares, it cost around $3.76 million.
- What’s Happening: Tricida announced a $125 million debt facility with Hercules Capital.
- 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.
Coinbase (NASDAQ:COIN) Global
- The Trade: Coinbase Global , Inc. (NASDAQ: COIN) Director Tobias Lutke bought a total of 5,349 shares at an average price of $72.90. To acquire these shares, it cost around $389.94 thousand.
- What’s Happening: Google (NASDAQ:GOOGL) recently said it would use Coinbase to start letting customers pay for cloud services with crypto.
- What Coinbase Global Does: Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States.