Benzinga - The Dow Jones closed higher by around 35 points on Friday. 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.
Spectrum Pharmaceuticals
- The Trade: Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) Director Jeffrey L. Vacirca bought a total of 50,000 shares at an average price of $0.45. To acquire these shares, it cost around $22.5 thousand.
- What’s Happening: The FDA recently granted a Complete Response Letter (CRL) to Spectrum Pharmaceuticals’ marketing application seeking approval for poziotinib for previously treated locally advanced or metastatic non-small cell lung cancer (NSCLC) harboring HER2 exon 20 insertion mutations.
- What Spectrum Pharmaceuticals Does: Spectrum Pharmaceuticals, incorporated in 1987, is a biopharmaceutical company, develops and commercializes oncology and hematology drug products.
Beachbody Company
- The Trade: The Beachbody Company, Inc. (NYSE: BODY) Co-Founder and Vice Chairman Jonathan Congdon acquired a total of 250,000 shares at an average price of $0.70. The insider spent around $175.94 thousand to buy those shares.
- What’s Happening: The company, last month, posted upbeat quarterly results.
- What Beachbody Company Does: The Beachbody Company, headquartered in El Segundo, California, operates as a health and wellness platform that provides fitness, nutrition, and stress-reducing programs.
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Astrotech
- The Trade: Astrotech Corporation (NASDAQ: ASTC) 10% owner Braden Michael Leonard acquired a total of 190,971 shares at an average price of $0.34. To acquire these shares, it cost around $65.6 thousand.
- What’s Happening: Astrotech, last month, posted a Q1 loss of $0.05 per share.
- What Astrotech Does: Astrotech Corporation, incorporated in 1984, operates as a mass spectrometry company worldwide.